Business
Bank of Ghana grants Zeepay licence to offer mobile money services
Mobile financial services company, Zeepay has been granted a licence by the Bank of Ghana to operate mobile money services in the country. The service will allow Zeepay’s subscribers to operate the full bouquet of mobile money services such as cash in, cash out, peer-to-peer transfers, payments and digital termination of remittances.
Zeepay customers can now send and receive money across over 150,000 Agent network available and also perform other related services out of Zeepay’s full bouquet such as remittances, micro insurance, auto insurance, mortgage remit, cellular phone airtime top-up, bill payments and pension collections all in partnership with third parties including insurance companies, banks, and pension trustees.
According to Zeepay Chairman, Paa Kwasi Yankey, “the licence – Electronic Money Issuer (EMI) license – will enable the company to extend its current services within the Mobile Financial Services Industry.”
He reiterated that “Bank of Ghana’s approval is a historic landmark – considering that Zeepay is the first non-bank financial services company to be so issued.”
He further intimated, the issuance of the licence “is also a testament of the Akuffo-Addo administration’s commitment to empowering Ghanaians and start-ups.”
Zeepay CEO and Managing Director, Andrew Takyi-Appiah, said, “since 2014, when we embarked on this journey, the company has never stopped to innovate – from being the first to introduce Tap & Pay services to mobile money, points of sale (PoS) acquiring for mobile money wallets and digital termination of remittances to mobile wallets.
“We are deeply humbled and grateful to the Bank of Ghana for this approval.”
He stated further indicated that “Central Banks in Africa should follow the lead of Ghana and go a step further to recognize such approvals in their markets through Passporting like it’s done in Europe; where Zeepay is regulated across all 28 countries through similar Passporting arrangements from the United Kingdom.”
