Zeepay, a financial technology (fintech) company with offices in Ghana and the UK, recently partnered with the embassy of the Netherlands in Ghana, the Dutch NGO Stichting Nederlandse Vrijwilligers (SNV) and the UN Capital Development Fund (UNCDF) as part of the EU-funded Boosting Green Employment and Enterprise Opportunities in Ghana (GrEEn) program. The goal is to serve “youth, women and returning migrants by promoting and supporting sustainable, green businesses.” The role of UNCDF is to provide “consumer education on digital financial products, financial literacy training as well as job creation for the indigenous in certain remote areas.” Meanwhile, Zeepay will roll out its Mobile for Development initiative, which is intended to reach “underserved” rural populations with financial services that lead to job creation. The firm’s target is to reach approximately 20,000 new clients in 10 districts in the Ashanti and Western regions of Ghana.
Founded in 2014, Zeepay offers domestic and international remittances via digital wallets in 23 countries in Africa. Zeepay wallets can be paired with the Remit2save service, which offers cash loyalty payments of up to 5 percent. The firm also provides “microinsurance coverage as an incentive to build and maintain a healthy saving habit.” This insurance provides clients with approximately GHS 5,000 (USD 858) per month if they become seriously ill. While data on the volume of Zeepay’s insurance business have not been released, the firm facilitated 2.4 million transfers totaling USD 400 million during 2020.
Established in 1996 and headquartered in the US city of New York, UNCDF endeavors to create opportunities for poor people and their businesses by increasing access to microfinance and other forms of investment capital. The organization operates in 47 low-income countries in Africa, Asia and the Pacific with a particular focus on countries emerging from crises. For 2020, UNCDF had a budget of USD 75 million and supported initiatives providing financial services to 3 million unbanked and underbanked clients.
By Harriet Ritchie, Research Associate
Sources and Additional Resources
UNCDF press release
https://www.uncdf.org/Download/AdminFileWithFilename?id=14543&cultureId=127&filename=150621zeepay-partners-with-uncdf-under-the-green-projectactual-press-releasepdf
Zeepay homepage
https://www.myzeepay.com/
SNV homepage
https://snvworld.org/
UNCDF GrEEn program description
https://www.uncdf.org/green
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