Zeepay Ghana acquires 51% stake in Mangwee Mobile Money in Zambia

By Pavithra R

ZEEPAY, a wholly Ghanaian owned mobile financial services company focused on providing integrated mobile payments services with mobile wallets has announced its acquisition of 51% stake in Mangwee Mobile Money in Zambia.

Mangwee has been operational since 2018 and was originally created to function as an alternative wallet targeting university students in Zambia and to be able to reduce the cost of mobile wallet services. The deal makes Zeepay Ghana the majority shareholder of the entity.

“The decision to invest in Mangwee is part of our overall strategy to expand our presence in Africa, in order to better serve our international clients and reduce the cost of remittances to Africa,” said Paa Kwasi Yankey, President of Zeepay.

ZEEPAY is a FinTech company targeting the unbanked and banked population with the objective of bringing the unbanked into the financial stream and easing payments and collections for the banked population. The firm focuses on digital rails to connect digital assets. It has footprint in more than 20 African markets. The company specializes in paying remittances to mobile wallets across Africa and is regulated both by the Bank of Ghana as an issuer of the EMI and by the Financial Conduct Authority in the Kingdom. – United as a remittance operator.

This merger is the first of its kind when two indigenous African fintechs in mobile money operations unite to grow, which currently means a wind of change on the African continent.

“The acquisition of Mangwee by Zeepay marks the opening of Southern Africa to the world of convenient and affordable IMT services,” said Aston Njovu, co-founder of Mangwee.