Zeepay Ghana has revealed its plans to acquire a majority stake (51%) in Zambian company Mangwee Mobile Money – although, it is not yet known how much Zeepay paid for the majority stake.
“The merger is the first of its kind – that two indigenous African fintech companies in mobile money operations have come together to grow. It represents a wind of change ongoing on the African continent,” reads a statement from Zeepay.
Managing Director of Zeepay, Andrew Takyi-Appiah believes that this deal will allow Zeepay to expands its operations through Southern Africa. He says “this will give Zeepay access to Mozambique, Malawi, Angola and Namibia amongst others in our efforts to capture Africa’s $70billion remittance market and opportunity to deploy our award-winning products.”
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Chairman of Zeepay, Paa Kwasi Yankey backs up this sentiment. He told News Ghana that “the move to invest in Mangwee is part of Zeepay’s global strategy to expand its footprint across Africa, in an effort to better serve its global clients and reduce the cost of remittance into Africa”.
According to Aston Njovu, Co-founder of Mangwee, the “acquisition of Mangwee by Zeepay marks the opening of Southern Africa to the world of conveniently affordable IMT services” while his partner, Bwalya Kampamba says “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”.
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