What Zeepay does

Zeepay is a Ghanaian-founded Mobile Financial Services company established in 2014 that operates digital rails connecting mobile money wallets, payment cards, ATMs, bank accounts, and digital tokens to international Money Transfer Operators, payment services, international airtime, and micro-insurance. Its core product is the Zeepay Mobile Money wallet, accessible via USSD short code (*270#), mobile app, and web, which serves over 2 million registered users in Ghana and provides interoperability across all domestic telecom networks (MTN, AirtelTigo, Vodafone, GMoney). The platform's differentiation rests on regulated termination infrastructure — Bank of Ghana Electronic Money Issuer license PSD/ZGL/20/03, UK FCA regulation (#592538), PCI DSS compliance, and a May 2024 Bank of Ghana sandbox approval for outbound remittances — combined with a physical agent network of 350,000+ ZeeAgent locations in Ghana and 1 million+ across Africa.

The company monetizes primarily through transaction-based fees on cross-border remittance termination (serving 40+ global Money Transfer Operators), mobile money P2P transfers, bank and VISA Direct termination, international airtime distribution across 100+ networks, bill payment processing, and micro-insurance commissions (ZeeMicro from GHS 2.50/month). Distribution combines a B2B enterprise model targeting Money Transfer Operators globally, a B2B2C channel model via ZeeAgents and allied partners (Access Bank, Shell Stations), and a self-serve USSD/app consumer channel. Annualized transaction volume exceeds $3 billion across 10 million+ transactions.

Zeepay has raised over $23 million in equity across multiple rounds (notably from I&P, Symbiotics BV, and Verdant Capital Hybrid Fund) plus an $18 million senior secured debt facility in 2025. It operates from Accra with a regional headquarters in London (Zeepay JV UK) and has expanded to 23+ countries across Africa, Europe, and the Caribbean, with stated intent to add at least 10 more markets. Its 2021 acquisition of Mangwee deepened consumer-facing digital distribution in Ghana.

Name

Zeepay

Legal name

Zeepay Ghana Limited

Website

https://myzeepay.com

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

11–50 employees

Short description

Zeepay is a Ghanaian fintech that operates regulated digital rails connecting mobile money wallets, bank accounts, and cards to 40+ international Money Transfer Operators across 23+ countries. It serves over 2 million consumer users and a network of 350,000+ agents in Ghana and 1 million+ across Africa via USSD, mobile app, and bank-termination infrastructure.

Ownership category

akta.pro rank

Product category

Cross-Border Remittance & Mobile Money

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)

akta.pro primary industry

International Money Transfer Operators (MTOs) (FSAMAIAE)

akta.pro secondary industries

International / Multi-Currency Wallets (FSAMAEAL), P2P Transfers & Remittances Platforms (BPAMAFAE), Cross-Border A2A & Bank Transfer Networks (FSAMAIAF)

Keywords

• Cross-border remittance
• Mobile money platform
• Digital payment rails
• Money transfer infrastructure
• Micro-insurance services

Headquarters

HQ city

Accra

HQ country

Ghana

HQ region

Africa

Offices7 records

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales, Supply Chain

Revenue model

1. Remittance Transaction Fees: Zeepay charges transaction fees on inbound and outbound cross-border remittances processed through its digital rails. Recipients can receive remittances into mobile wallets, bank accounts, or for cash pickup. The company earns a take rate on each transaction processed across its network of 40+ Money Transfer Operators.
2. Mobile Money Transaction Fees: Fees charged on peer-to-peer transfers (P2P), wallet-to-wallet transfers, cash-in, and cash-out transactions. Zeepay Mobile Money charges apply to transfers above the daily GHS 100 exempt threshold. E-levy of 1.5% is charged by the government on applicable P2P transfers and passed through.
3. Banking and Card Termination Fees: Fees for terminating remittances and transfers directly into bank accounts (Bank Termination) and VISA cards (VISA Direct Termination). Used by Money Transfer Operators and individual subscribers.
4. ZeeMicro Insurance Premiums: Zeepay acts as a distribution channel for micro-insurance products (FAAHODI3 and Hienokam plans) priced from GHS 2.50 per month, earning commissions on premiums collected through the mobile wallet platform.
5. International Airtime Sales: Revenue from retail and wholesale international airtime top-up services. Wholesale customers can operate as re-sellers, with Zeepay earning margins on airtime purchases across 100+ global networks.
6. Bill Payment Services: Fees earned from processing bill payments for utilities (Ghana Water, Electricity), DSTV, and other services through the Zeepay mobile wallet platform.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels5 records

Core offering

Zeepay operates a Mobile Financial Services platform that connects digital assets (mobile money wallets, cards, ATMs, bank accounts, digital tokens) to international Money Transfer Operators, payments, subscriptions, international airtime, and refugee payments. Its core offering is the Zeepay Mobile Money digital wallet (over 2 million Ghanaian users) plus B2B remittance infrastructure serving 40+ global Money Transfer Operators for cross-border settlement into mobile wallets, bank accounts, and cards across 20+ African countries.

Product overview

Zeepay is a Mobile Financial Services Company offering a unified platform connecting digital assets (mobile money wallets, cards, ATMs, bank accounts, digital tokens) to International Money Transfer Operators, payments, subscriptions, international airtime, and refugee payments. The core platform is Zeepay Mobile Money, which serves as the primary digital wallet for over 2 million users, enabling Cash In/Out, P2P Transfers, and bill payments. This core product is augmented by specialized termination services including Bank Termination, VISA Direct Termination, and ATM Termination for flexible fund withdrawal. International connectivity is provided through Remittance Termination To Mobile (supporting 40+ Money Transfer Operators across Europe, North America, and Africa) and Cash PayOut networks. Additional services include International Airtime for 100+ networks, ZeeMicro micro-insurance products, and E-Levy compliance tools for Ghana's regulatory requirements. The platform operates across Africa (Ghana, Uganda, Mozambique, Rwanda, Cameroon, Ivory Coast, Nigeria) with over 1 million agent network access points.

Differentiator

Problem solved

Functional benefit

Brands

• Zeemicro: Insurance product allowing Zeepay subscribers to purchase insurance policies for themselves and family, providing cover for Death, Temporary & Permanent disability, Critical Illness & hospitalization. Premiums start from GHS2.50 monthly.

Products and services

• Zeepay Mobile Money Digital wallet service allowing customers to store, send, and receive money across all Ghanaian telecom networks. Features include Cash In, Cash Out, P2P Transfers, Domestic Transfers, bill payments, airtime top-up, micro-insurance, and pension collections. Accessible via USSD (*270#), mobile app, and web. Over 2 million registered users in Ghana with Tier 1 (GHS 5,000 daily limit) and Tier 2 (GHS 10,000 daily limit) KYC tiers.
• Remittance Termination to Mobile Wallet Service enabling subscribers to receive remittances from abroad directly into their Zeepay Mobile Money Wallets, redeemable at over 1 million agent locations across Africa. Used by over 40 Money Transfer Operators across Europe, North America, and Africa for cross-border settlement into mobile money wallets in Ghana, Uganda, Mozambique, Rwanda, Cameroon, and Ivory Coast. Available 24/7 via apps or agent network.
• Cash PayOut Payout network of allied partners, subsidiaries, and affiliates including Bank Branches (Access Bank), Shell Stations, and third-party ZeeAgent networks enabling customers to receive international remittances from abroad in cash. Available to all receivers and Zeepay Mobile Money Wallet holders through partnerships with Money Transfer Operators globally.
• Bank Termination
• VISA Direct Termination
• International Airtime
• ZeeMicro Insurance
• Bill Payments
• Domestic Transfers
• ATM Termination
• MoneyGram to Wallet Redemption
• Outbound Remittance Service Outbound money transfer service launched in May 2024 under Bank of Ghana regulatory sandbox approval, enabling Nigerian and Ivorian immigrants in Ghana to send up to $10,000 annually back home. Prevailing money transfer charges apply and E-levy does not apply to remittance outflows.

Quantifiable outcome

• Over 10 million transactions processed in one year with transaction value exceeding US$3 billion
• +4 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature8 records

Partnerships

Nine partnerships are on record, tiered flagship, core and minor.

• MoneyGramflagshipStrategic or Co-development PartnerMoneyGram partnership enables recipients to convert cash pick-up transactions into their Zeepay mobile money wallet by dialing *270#. This 'MoneyGram to Wallet' service is free for recipients and is available immediately upon transfer.
• Access Bank GhanacoreChannel Partner/ Reseller/ DistributorAccess Bank branches across Ghana serve as cash pickup locations for Zeepay remittance recipients. Beneficiaries can visit any Access Bank branch, fill out a Zeepay cash pick-up form, and receive funds with a valid national ID.
• MTN, AirtelTigo, Vodafone (Mobile Money Interoperability)coreTechnology or IntegrationZeepay enables interoperability across all Ghanaian telecom mobile money networks (MTN, AirtelTigo, Vodafone, GMoney). Users can send money from their Zeepay wallet to any network, addressing the fragmentation of Ghana's mobile money ecosystem.
• Shell Stations (Ghana)minorChannel Partner/ Reseller/ DistributorShell Station locations across Ghana serve as cash pickup and payout locations as part of Zeepay's allied partner network, complementing the dedicated ZeeAgent network.
• Insurance Companies (ZeeMicro)coreStrategic or Co-development PartnerZeepay partners with insurance companies to distribute ZeeMicro micro-insurance products (FAAHODI3 and Hienokam plans) covering death, disability, critical illness, and hospitalization, with premiums from GHS 2.50/month.
• Pension TrusteesminorStrategic or Co-development PartnerZeepay offers pension collection services in partnership with pension trustees, enabling users to make pension contributions directly from their mobile money wallet.
• 40+ Money Transfer Operators (Global)flagshipChannel Partner/ Reseller/ DistributorOver 40 global Money Transfer Operators across Europe, North America, and Africa use Zeepay's digital rails to terminate remittances into mobile money wallets, bank accounts, and for cash pickup across 20+ African countries.
• Bank of GhanaflagshipOthersBank of Ghana is the primary financial services regulator, having granted Zeepay its Electronic Money Issuer license (PSD/ZGL/20/03), sandbox approval for outbound transfers, and ongoing regulatory oversight of mobile financial services.
• Financial Conduct Authority (UK)coreOthersThe FCA (#592538) is the UK regulator overseeing Zeepay's UK operations, ensuring compliance with UK financial services regulations for cross-border payments and mobile financial services.

Scale indicators14 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• MFS Africa / Onafriq: Pan-African digital payments network connecting mobile wallets, banks, and MTOs across 40+ African countries. Direct competitor in the cross-border mobile money termination space Zeepay operates in.
• Wave (mobile money): Mobile money operator active across West and East Africa (Senegal, Côte d'Ivoire, Burkina Faso, Uganda, Mali). Competes directly with Zeepay's mobile wallet and remittance proposition in overlapping African markets.
• Sendwave: Mobile-first cross-border remittance service focused on African corridors (Ghana, Nigeria, Kenya, etc.) with direct mobile wallet payouts. Direct competitor in the same diaspora remittance niche Zeepay targets.
• Chipper Cash: Pan-African cross-border payments and remittance app supporting mobile wallet transfers across multiple African countries. Direct peer in the consumer diaspora remittance segment.

Broad incumbents

• Flutterwave: Pan-African payments infrastructure provider offering payment processing, remittance, and API-based financial services. Overlaps with Zeepay in cross-border and mobile money but serves a broader enterprise merchant base.
• WorldRemit: Global cross-border remittance player with strong mobile wallet payout coverage across Africa. Both a potential MTO partner of Zeepay and a competitor pursuing similar direct-to-wallet corridors.
• M-Pesa (Vodafone/Safaricom): Africa's largest mobile money platform with hundreds of millions of users across multiple markets. Both a partner (Vodafone Ghana interoperability) and a strategic competitor for mobile wallet share.
• Interswitch: Nigerian payments infrastructure giant offering card processing, digital banking, and remittance infrastructure across Africa. Overlaps with Zeepay's bank termination and broader payment aggregation play.

Emerging players

• Nala: Africa-focused remittance fintech (Tanzania/Uganda roots, now expanding across East and West Africa) offering mobile wallet payouts. Direct competitor for diaspora remittance to African mobile wallets.

Regional players

• Paga: Nigerian mobile money and payments platform with domestic dominance and some cross-border reach. Comparable mobile wallet + agent network model, though focused primarily on Nigeria rather than pan-African like Zeepay.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/zeepay2

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds7 records

Investors7 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Zeepay