Injaro Investment Advisors Fuels Zeepay’s Global Expansion with $2 Million Series A.5 funding Investment Round.
Ghanaian mobile finance service provider Zeepay Ghana Limited has successfully raised $2 million in a Series A.5 funding round. The equity investment comes from Injaro Investment Advisors, a private capital fund manager based in Ghana.
Zeepay, a wholly Ghanaian-owned company, has established itself as a leader in the digital termination of remittance (DTR) space and the mobile money market. With a presence in over 20 countries globally, Zeepay specializes in facilitating cross-border payments directly into mobile wallets across Africa and the Caribbean.
Injaro Investment Funding
The funding from Injaro Investment Advisors will enable Zeepay to finance its expansion efforts into multiple countries and strengthen its market share in these new markets. This investment aligns with Injaro’s strategy to partner with profitable Ghanaian SMEs with credible growth potential in Inclusive Financial Services, Food and Agribusiness, Education, Healthcare, Manufacturing, and Industrial Services.
With a mission to support African entrepreneurs in building successful businesses that make a positive impact on their communities, Injaro Investment Advisors are actively improving the performance and the impact of the African businesses they partner with by leveraging local knowledge and world-class expertise.
Andrew Takyi-Appiah, Co-Founder and CEO of Zeepay, expressed his joy in having a local Ghanaian private equity investor on board. He believes that this investment is a testament to the strength of the Zeepay brand, especially in the current economic climate. Takyi-Appiah also emphasized the significance of the investment in showcasing Ghana’s trust in its entrepreneurs and thanked Injaro for turning that trust into a reality.
The partnership between Injaro Investment Advisors and Zeepay aims to create a successful Ghanaian multinational and establish Zeepay as a market leader in the fintech space.
Jerry Parkes, the Managing Director of Injaro Investment Advisors, highlighted the importance of financing Zeepay with Ghanaian capital, as it ensures that profits from the investment flow back into the local economy, triggering a virtuous cycle of economic development. Parkes also emphasized the potential of this investment in building linkages between Ghana’s pension funds and exceptional local businesses, which are crucial drivers of the country’s economic growth.
Zeepay’s Digital Termination of Remittance Service
Zeepay’s digital termination of remittance (DTR) service is a feature that allows users to send and receive money through their mobile wallets. This service provides a convenient and efficient way to transfer funds, especially for individuals who rely on remittances as a source of income. Here’s how Zeepay’s DTR service works:
- Mobile Money Services: Zeepay is a mobile financial services company offering a range of mobile money services, such as cash-in, cash-out, peer-to-peer transfers, and payments.
- Remittance Termination: Zeepay’s DTR service focuses explicitly on terminating remittances. It allows users to receive money directly into their mobile wallets from various sources, including international remittance providers like MoneyGram, Small World, Thunes, RIA, and more.
- Agent Network: Zeepay has a vast agent network of over 150,000 agents across Ghana and other African markets. This extensive network enables users to access their funds conveniently and perform transactions such as cash withdrawals or transfers.
- Partnership with Third Parties: Zeepay collaborates with various third-party entities, such as insurance companies, banks, and pension trustees, to offer its customers additional services. These services include micro-insurance, auto insurance, mortgage remittance, airtime top-up, bill payment, and pension collections.
- Regulatory Compliance: Zeepay is regulated by the Bank of Ghana under the Payment Systems and Services Act, 2019 (Act 987). This ensures that the company operates within the legal framework and provides secure and reliable financial services.
By leveraging Zeepay’s DTR service, individuals can receive remittances directly into their mobile wallets, eliminating the need for physical cash transactions and providing a more convenient and secure way to access their funds.
About Zeepay
Zeepay Remittance is a leading mobile financial service provider that offers convenient and affordable remittance solutions to its customers. With over 2 million users in Ghana, Zeepay allows individuals to send and receive money across its extensive agent network of over 350,000 locations.
Zeepay offers a secure and electronic wallet service that allows customers to store, send, and receive money quickly. Users can perform various mobile money services such as cash in, cash out, peer-to-peer transfers, and payments. Zeepay also enables users to receive or redeem remittances from anywhere.
This service provides individuals convenient access to funds through various channels, including cash pick-up, cardless withdrawal, or transfer to a third-party network or bank account. Additionally, Zeepay collaborates with third-party partners such as insurance companies, banks, and pension trustees to offer additional services like micro-insurance, auto insurance, mortgage remit, airtime top-up, bill payment, and pension collections.
To start with Zeepay Remittance, individuals can register for a Zeepay mobile wallet using their active mobile number on any network. The registration process can be completed by dialling the USSD short code *270# and following the prompts.
