Zeepay, a financial technology company in Ghana, has partnered with MoneyGram to launch a Mobile Money Service which will allow direct transfer of remittances into mobile wallets of users.
The new product which was launched at the Labadi Beach Hotel in Accra was attended by John Gely of MoneyGram, Hermann Messan of UNCDF, Clarissa Kudowor of the Bank of Ghana as well as Alhassan Mohammed, Finance Manager of Diasporan Relations.
With the birth of the new initiative, International remittances can now be paid into mobile money wallets and bank accounts and withdrawn at any mobile money agent or bank.
Users in USA, Europe, Nordic countries, Africa and other Asian countries can now send money safely and directly into mobile money and bank accounts using Zeepay’s platform.
According to the World Bank, in 2017, $2.2 billion flowed into Ghana, making the country the fifth largest remittance recipient in Africa.
Ghana obtained $2.2 billion from said remittances in 2017 from the total $38.4 billion that Sub Saharan Africa recorded.
The new system will endeavor to nurture Africa’s emergent remittance market.
In a 2017 World Bank report, remittances to emerging nations are expected to increase, by 4.8%, to $450 billion.
Regional Head of MoneyGram, Patrick Appiah, and Zeepay Ghana Managing Director, Andrew Takyi-Appiah are confident this partnership will expand foreign direct investment in Ghana and also deepen financial inclusion.
Transactions will be crowned at $8,000 per person, per month.