MICROCAPITAL BRIEF: Fintech Zeepay of Ghana Buys Controlling Stake in Mangwee Mobile Money of Zambia

The Ghana-based financial technology (fintech) company Zeepay recently bought a 51-percent stake in Zambia-based digital wallet and remittance platform Mangwee Mobile Money for an undisclosed price. Zeepay Managing Director Andrew Takyi-Appiah noted, “The acquisition… will give Zeepay access to Mozambique, Malawi, Angola and Namibia among others in our effort to capture Africa’s USD 70 billion remittance market…”. Mangwee, which was launched in 2018 targeting university students, has since come to focus on serving rural areas. Financial data on the firm have not been made public.

Founded in 2014, Zeepay offers domestic and international remittances via digital wallets in 23 countries in Africa. Its revenue model is to charge fees for each transaction, with no maintenance fees. The firm, which also offers microinsurance, facilitated transfers totaling USD 400 million via 2.4 million transactions during 2020.

Verdant Capital, which provides capital raising and financial advisory services as well as assisting in mergers and acquisitions, advised Zeepay on the transaction. Verdant Capital has offices in the Democratic Republic of Congo, Ghana, Mauritius and South Africa.

By Harriet Ritchie, Research Associate

Sources and Additional Resources

Business & Financial Times article
https://thebftonline.com/14/04/2021/zeepay-acquires-zambias-mangwee-mobile-money/

Direct contact with Verdant Capital
https://verdant-cap.com/

Zeepay homepage
https://www.myzeepay.com/

Mangwee Mobile Money homepage
https://www.mymangwee.com/

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