Zeepay Secures US$ 5 Million Investment from Oikocredit to Expand Global Footprint

Ghana’s leading mobile financial services provider, Zeepay, has secured a significant investment of US$ 5 million from Oikocredit as part of its Series A.5 funding round.
Zeepay Customer Ghana

Ghana’s leading mobile financial services provider, Zeepay, has secured a significant investment of US$ 5 million from Oikocredit as part of its Series A.5 funding round.

In a significant development for the fintech industry, Oikocredit has invested US$ 5 million into Ghana’s Zeepay Company Limited. This investment forms part of Zeepay’s recent US$ 14 million Series A.5 fundraising. This strategic move is set to augment Zeepay’s capabilities, enabling the fintech to expand its services to ten new countries.

Zeepay, a leading player in the fintech sector, specializes in remittance services, focusing on instantly transferring money into mobile wallets across Africa and the Caribbean. The company partners with major global money transfer entities to facilitate these transactions. This specialized service has positioned Zeepay as a crucial player in the remittance ecosystem, especially given the increasing reliance on mobile wallets for financial transactions in emerging markets.

Expanding Market Footprint & Strategic Investment Partners

With the new investment, Zeepay aims to significantly broaden its market reach. Currently, the company has a robust presence in Ghana and has been instrumental in transforming how remittances are managed and received in the country. The expansion into ten additional countries will not only enhance Zeepay’s market share but also provide a vital service to millions of people who rely on remittances for their daily needs.

The importance of remittances cannot be overstated. According to the United Nations, approximately 800 million people globally live in households that receive international remittances. This statistic underscores the critical role that companies like Zeepay play in the financial stability of numerous families.

The Series A.5 funding round saw participation from several notable pan-African investment firms, including Africa50 Infrastructure Investment Platform, Injaro Investments Limited, and Investisseurs & Partenaires – I&P. These partnerships bring not only financial backing but also strategic insights and networks that will be invaluable as Zeepay scales its operations.

Africa50, for instance, is known for its focus on infrastructure development across the continent, which aligns well with Zeepay’s mission to enhance financial infrastructure through digital solutions. Similarly, Injaro Investments and I&P bring a wealth of experience in supporting high-impact businesses in Africa.

The Growing Importance of Remittances

Remittances have become a vital component of financial flows to low- and middle-income countries. Last year alone, these countries received US$ 669 billion in remittances, and this figure is projected to rise to US$ 690 billion in 2024, according to The World Bank. This growth highlights the increasing reliance on remittances as a steady income source for many households.

Zeepay’s role in this ecosystem is crucial. By facilitating instant money transfers to mobile wallets, Zeepay ensures that recipients have immediate access to funds, which can be used for essential needs such as food, education, and healthcare. This service is particularly important in regions where traditional banking infrastructure is either lacking or inefficient.

  1. Total Processed Volume (TPV): In 2022, Zeepay’s TPV surged from US$1.9 billion in 2021 to an impressive US$2.9 billion.
  2. Revenue Growth: Zeepay’s revenue experienced a significant increase, rising from GH¢39.4 million in the previous fiscal year to GH¢96.4 million in 2022.
  3. Local Income from Remittances: The local income from remittances for Zeepay jumped to GH¢75.5 million in 2022, up from GH¢31 million in the previous year.
  4. Mobile Money Impact: The impact of mobile money on local income also saw a substantial rise, reaching GH¢12.86 million in 2022 compared to GH¢4.4 million in 2021.
  5. Global Presence: As of 2022, Zeepay expanded its operations to 23 countries, demonstrating its global reach and ability to provide seamless cross-border financial solutions.

These statistics highlight Zeepay’s significant growth and its expanding influence in the mobile financial services sector in Ghana and beyond.

Zeepay’s Market Share in Ghana & Future Prospects

In Ghana, Zeepay has established itself as a market leader in the fintech space. The company’s innovative approach to mobile financial services has garnered significant user adoption. According to the latest market data, Zeepay commands a substantial share of the mobile wallet remittance market in Ghana, with a growth rate that outpaces many of its competitors.

The company’s success can be attributed to its user-friendly platform, strategic partnerships with global money transfer companies, and a deep understanding of the local market dynamics. By leveraging these strengths, Zeepay has not only captured a significant portion of the remittance market but has also set the standard for mobile financial services in the region.

With the new investment from Oikocredit and other strategic partners, Zeepay is well-positioned to continue its growth trajectory. The planned expansion into ten new countries will open up new markets and create opportunities for further innovation in the remittance space.

Zeepay’s CEO, Andrew Takyi-Appiah, expressed optimism about the future, stating, “This investment is a testament to the value we bring to the fintech industry and the impact we have on the lives of millions of people who rely on remittances. We are excited about the opportunities ahead and remain committed to providing seamless and efficient financial services to our users.


The fintech landscape in Africa is rapidly evolving, with companies like Zeepay leading the charge. The recent US$ 5 million investment from Oikocredit is a significant milestone that underscores the importance of innovative financial solutions in emerging markets.

Zeepay’s ability to facilitate instant remittances into mobile wallets not only transforms the financial lives of countless individuals but also strengthens the economic fabric of entire communities. As Zeepay expands its footprint into new countries, it is poised to set new benchmarks in the fintech industry, offering more people access to vital financial services.

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