The bank of Ghana has charged financial tech company, Zeepay to lead the way in observing strict compliance to regulations guarding their sector.
The charge comes at a time when Zeepay is positioning itself to expand business with ongoing efforts to extend its operations beyond the shores of the country.
“Zeepay”, Africa’s fastest-growing fintech, has commissioned its state of the art campus office at Cantonments, in the heart of the city of Accra. The campus was purposely built with high tech facilities which adopt artificial intelligence technology in several of its features. The building also incorporates green tech in its construction and is designed to be energy efficient and environmentally friendly.
Zeepay is a leading mobile financial services company, which was issued the first Electronic Money Issuer License in 2019 by the Bank of Ghana under the current Payment Systems regulatory regime. It is also licensed through its subsidiary in the United Kingdom by the Financial Conduct Authority (FCA) as a Money Transfer Operator (MTO). The Company, known for its mobile money short code *270#, runs a business model which includes paying remittances from over 150 countries across 50 partners directly into digital assets such as mobile money, bank accounts and visa cards using both Zeepay bulk wallets and subscriber wallets with its unique and innovative product offerings. While enabling receivers to cash out across over 100,000 agent networks in Ghana, Zeepay closed 2020 with 2.4million transactions valued at USD400 million in total processed volume and a current subscriber base of 600,000.
“The Zeepay Story is remarkable and we are happy that it has been told out of Ghana with local backing,” said Paa Kwasi Yankey, the Chairman of the Board. “Our new building has a multi-million Dollar value and is situated in a prime location in Accra. We chose Cantonments to give us direct access to the new business district in the area where companies like VIVO, PwC and E&Y amongst others are located.”
“What you see today is an efficient use of capital to achieve such great success, and we commend our Managing Director Andrew Takyi – Appiah and his team for such performance,” said Sir Daniel Gyimah, the Chairman of the Finance and Audit Sub Committee. “Right from the start we instituted high governance programmes with the aim of becoming a key player in the near future. It is rare that a fintech can deploy with as little as USD 450,000 in seed funding and within five years grow its balance sheet from about GHS 1 million in 2016 to about GHS 65 million in 2020, meet regulatory cash capital of GHS 20 million and close the year with a wonderful edifice,” Sir Daniel Gyimah added.
Zoe Phillips, the Chairman of the Governance and Compliance Sub Committee, mentioned “Today we can boast of an employee strength in excess of 60 staff members and a world class compliance culture. We are indeed proud of our achievement and consider this new Zeepay Campus a monument representing all our hard work. As we celebrate this milestone, I wish the MD and team well, and encourage them to work hard for a successful 2021 and beyond.”
Andrew Takyi-Appiah, Founder and Managing Director of Zeepay, mentioned “We would like to thank all our partners for the support and indeed for believing in us, as we couldn’t have done this without you. Special thanks to all our Club Partners for their immense contributions and to my family. I dedicate this building to the memory of my mother Adelaide Afua Baah. May God bless you all.”
Zeepay is the fastest growing mobile fnancial services company across Africa with operations in Ghana and United Kingdom and terminating to 20 countries across Africa with termination agreements in over 90 jurisdictions globally. We specialize in remittance termination into mobile wallets and are completely network and partner agnostic. We are a wholly owned Ghanaian company and regulated in the UK by Financial Conduct Authority-FCA # 592538 and in Ghana by Bank of Ghana- PSD/ZGL/20/03 under the Payment Systems and Services Act, 2019 (Act 987). Zeepay supports Sustainable Development Goals (SDG) 3 and is considered a Financial Inclusion Company positioned to improve last mile access. Visit myzeepay.com for more information.