Zeepay Ghana granted EMI license by Bank of Ghana
Zeepay Ghana has been awarded the Electronic Money Issuer (EMI) license to operate as a mobile financial services company by the Bank of Ghana, the regulator of banking and financial services. As a leading African fintech company with footprint in over 20 African markets, their service will now enable subscribers to utilise a complete set of mobile money services such as Cash In – Cash Out, Peer-to-Peer (P2P) Transfers, Micro Insurance, Mortgage Remit, Airtime top up, Bill Payment and Pension Collections all in partnership with third parties such as Insurance Companies, Banks, and Pension Trustees amongst others extending its current mobile financial services products suite of mobile money, mobile payments and Digital Termination of Remittances (DTR).
Zeepay becomes the first indigenous company to be issued this license, which becomes a landmark event for Fintechs in the country. The license approval will effectively improve the last mile access to financial services for over 20 million Ghanaians with a significant cost saving. Since its founding in 2014, Zeepay has been a pioneer in fintech through continuous innovation to their platform and product suite, this include being the first to introduce Tap & Pay services to mobile money, Point of Sale acquiring for mobile money wallets and digital termination of remittances to mobile wallets. The strategy of Zeepay is the leverage its position in these service offerings as well as it agnostic and omnichannel approach to roll-out a much broader range of mobile financial services.
The EMI license has been granted to Zeepay subject to the fintech business meeting the Bank of Ghana’s requirement of a deposit of at least GHS 20 million, approximately USD 3.5 million in the company. Verdant Capital is currently assisting Zeepay with a debt and equity capital of USD 4 million in aggregate to meet the Bank of Ghana’s requirements and to fund the roll-out of the new products.
Source: Company, press