Bank of Ghana (BOG) has granted ZEEPAY Ghana, license to operate a full Electronic Money Issuer service otherwise known as Mobile Money.
The approval will enable Zeepay to improve last-mile access to financial services for over 20 million Ghanaians while offering safety, convenience and significant cost savings.
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 (P2P) Transfers, Payments and Digital Termination of Remittances (DTR).
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, Airtime top-up, Bill Payment and Pension Collections all in partnership with third parties?-?such as Insurance Companies, Banks, and Pension Trustees amongst others.
Chairman of the Board, Paa Kwasi Yankey mentioned that “The new Electronic Money Issuer (EMI) license will enable Zeepay 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 to be so issued.”
He further intimated, “This is also a testament of the President Akuffo-Addo led Administration’s commitment to empowering Ghanaians and Start-Ups.”
Andrew Takyi-Appiah, Zeepay Managing Director, mentioned “Since 2014 when we embarked on this journey, we have never stopped to innovate- from being the first to introduce Tap & Pay services to mobile money, 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.”
Mr. Takyi-Appiah further mentioned 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.”
“We look forward to exciting times ahead, where in partnership with Banks, Insurance Companies, Fintechs, Application service providers and Pension Fund Managers amongst others, we offer Mobile Financial Services products to our large pull of over 2 million users across Ghana,” said Head of Commercial at Zeepay, Ms. Dede Quarshie.