Zeepay Ghana has acquired 51% ownership of Mangwee Mobile Money in a private placement, making it the majority shareholder of the entity.
As financial technology has become a global phenomenon, creating innovative financial solutions for Africa, African entrepreneurs are taking an active role in the industry.
Zeepay Global announced that Zeepay Ghana had completed its acquisition of 51% shares in Mangwee Mobile Money, a top-rated and highly rated Mobile Money firm in Zambia. The acquisition brings together two FinTech firms from the continent with significant experience in the sector.
Mangwee’s was launched in 2018 with the mission is to make it easier for students to carry out everyday transactions like sending money home, transferring money to a friend or relatives overseas, fetching medical treatments in the country, and withdrawing cash.
Over the past years, mobile money has proven to be a viable alternative to traditional remittances. Zeepay believes that it will continue to grow in popularity throughout Africa due to the low threshold for sending remittances across borders.
Both companies aim to leverage the increasing adoption and popularity of mobile money services in Sub-Saharan Africa.
Zeepay Ghana’s approach is to create viable alternatives that cost-effectively meet the needs of users who may not have the resources or inclination to keep careful track of their finances. The company believes that millions of unbanked Kenyans & Zambians may aspire to financial freedom but do not have access to convenient financial intermediaries.
Paa Kwasi Yankey, Chairman of Zeepay, mentioned, “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.”
“Acquisition of Mangwee by Zeepay marks the opening of Southern Africa to the world of conveniently affordable IMT services,” said Aston Njovu, co-founder of Mangwee.
Bwalya Kampamba and Aston Njovu, Founders of Mangwee mentioned “the partnership with Zeepay is good for Africa and Zambia. Through this, we will be able to leverage their award-winning mobile money products such as Remit Insurance, Payments, and Visa-direct to deepen financial inclusion and open up the markets.”