GHANA’S Fintech, Zeepay, has acquired a 51 per cent stake in Mangwee Mobile Money Zambia.
Zeepay is one of Africa’s leading challenger fintech with operations in 20 countries on the continent and 30 day active in 10 of them.
The deal makes Zeepay Ghana the majority shareholder of the entity.
Mangwee 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 Managing Director Andrew Takyi-Appiah said in an interview that in 2020 the company processed 2.4 million transactions valued at US$400 million across 10 markets.
The acquisition of Mangwee is strategic and opens 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 US$70 billion remittance market and opportunity to deploy our award-winning products,” he said.
Mangwee founders Bwalya Kampamba and Aston Njovu said in a statement that 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,” they said.