Bank of Zambia Grants Zeepay Approval for Outbound Money Transfer

Zeepay, the African fintech giant in mobile money, proudly marks its 10-year anniversary with a groundbreaking achievement. The Bank of Zambia has granted Zeepay approval for the termination of both inbound and outbound cross-border payments. This first-of-its-kind approval in Africa sets a new standard for financial connectivity across the continent.

Zeepay’s customers in Zambia can now send money instantly and securely from their mobile money wallets by dialing *270#. This service is available nationwide, enabling seamless transactions from the comfort of their homes. This development comes at a crucial time as Africa sees a rise in economic migration, with many seeking better opportunities abroad and looking for effective ways to support families back home.

Historically, international money transfers have been costly, with charges up to 8% of the transferred amount. Zeepay’s new certification heralds a significant shift towards a borderless Africa, where financial services are not only accessible but also affordable, particularly benefiting those in remote locations.

“As we celebrate our milestone of 10 years, receiving approval from the Bank of Zambia for cross-border payments signifies a quantum leap in Africa’s financial landscape. This groundbreaking achievement propels us closer to our vision of a borderless Africa, where financial inclusion knows no bounds. With this approval, we usher in an era of accessible and affordable financial services, empowering individuals and communities across the continent to thrive and prosper.” said Andrew Takyi-Appiah, Managing Director of Zeepay

Dede Quarshie, GM Commercial added, “This groundbreaking achievement not only signifies our commitment to innovation but also reinforces our mission to bring families closer, no matter where they are. With seamless and affordable transactions, we’re empowering individuals to support their loved ones with ease, bridging distances and fostering financial inclusion across Africa.”

“Zeepay is dedicated to breaking financial barriers while enhancing domestic, intra-Africa, and global payments. The approval from the Bank of Zambia is a milestone for us as we celebrate ten years of innovation and leadership in mobile money solutions. This certification is not just a testament to our commitment but also a catalyst for further innovation,” said Aston Njovu, Zeepay Product Manager SADC Region

About Zeepay

Founded in 2014, Zeepay is a leading provider of digital remittance termination and ancillary mobile financial services in Africa and the Caribbean. The company has a footprint in over 20 countries worldwide and has partnerships with major remittance players such as MoneyGram, Remitly, Ria and Transfast. In the United Kingdom, Zeepay operates under the regulatory oversight of the Financial Conduct Authority (FCA), holding the license number #592538. In Ghana, we are regulated by the Bank of Ghana under the license #00001. In Zambia, we are regulated by the Bank of Zambia under the license PSC No. 01/PSD/2018.

Source: Zeepay