Budding Ghanaian Financial Technology (FinTech) firm Zeepay, has acquired 51 percent stake in Mangwee Mobile Money, a Zambian FinTech firm.
The sale of the 51 percent stake of Mangwee Mobile Money which now makes Zeepay the majority shareholder of Mangwee was agreed in a private placement between Zeepay and Mangwee.
The merger is the first of its kind that two Indigenous African FinTechs into mobile money operations have come together to grow representing a wind of change ongoing on the African continent.
Speaking on the acquisition, Managing Director of Zeepay, Andrew Takyi-Appiah, noted the move is strategic and will open up the Southern African corridor for Zeepay.
“This will give Zeepay access to Mozambique, Malawi, Angola and Namibia amongst others in our efforts to capture Africa’s $70billion remittance market and the opportunity to deploy our award winning products,” he stated.
“The move to invest in Mangwee is part of our global strategy to expand our footprint across Africa. In an effort to better serve our global
clients and reduce the cost of remittance into Africa,” added Chairman of the Board of Directors for Zeepay, Paa Kwasi Yankey.
Mangwee Mobile Money has been in operations since 2018, and was initially set up to operate as an alternative wallet targeting university students in Zambia with the aim of assisting to drive the cost of mobile money services downward.
Zeepay is also the leading African challenger FinTech with operations across 20 African countries. The company specializes in paying remittances into mobile money wallets across Africa and is regulated by both Bank of Ghana as an Electronic Money Issuer (EMI) and in the UK as a Money Transfer Operator, by the Financial Conduct Authority.
