Zeepay Ghana has received an Electronic Money Issuer (EMI) or mobile money licence from the country’s central bank.

The approval from the Bank of Ghana is said to benefit more than 20 million Ghanaians,

It enables the subscribers of the service to access mobile money services including cash in, cash out, P2P transfers, payments as well as digital termination of remittances (DTR).

The customers of Zeepay can now collaborate with third parties including banks, pension trustees, and insurers to carry out related services including money transfer, micro insurance, auto insurance, mortgage remit, airtime top up, bill payment, and pension collections.

Zeepay head of Commercial Dede Quarshie said: “The approval will enable Zeepay improve last mile access to financial services for over 20 million Ghanaians, while offering safety, convenience and significant cost savings.

“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.”

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Chairman of the board Paa Kwasi Yankey called the approval a “historic landmark” and said that Zeepay is the first non-bank financial services firm to get such a licence.

“I am excited and believe that this landmark approval will open doors for Zeepay across the African continent — where we have significant operations in countries such as Uganda, Mozambique, Nigeria, Zimbabwe, Cameroun, Côte d’Ivoire, Guinea, amongst others,” Yankey noted.