Zeepay; Africa’s Fastest-growing Fintech Company Becomes Zambia’s Mangwee’s Major Shareholder

Zeepay, the fastest growing fintech focusing on digital rails to connect digital assets such as Mobile Money Wallets, to International Money Transfer Operators has become Zambia’s Mobile Money, Mangwee’s major shareholder.

In a private placement, both Zeepay and Mangwee agreed to a sale of 51% of Mangwee’s shares to Zeepay. The merger is the first of its kind where two indigenous African fintechs into mobile money operations have come together to grow – representing the wind of change ongoing on the African continent. Zeepay’s financial advisor, Verdant Capital, acted as Zeepay’s M&A advisor on the acquisition.

Launched in 2018, Mangwee was initially set up to operate as an alternative wallet targeting university students in Zambia to assist to drive the cost of mobile money services downward.

Managing Director of Zeepay, Andrew Takyi-Appiah, in an interview, mentioned that: “In 2020 we processed 2.4 million transactions valued at US$400million 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 among others in our effort to capture Africa’s US$70billion remittance market, and opportunity to deploy our award-winning products”.

Paa Kwasi Yankey, Chairman of Zeepay noted: “The move to invest in Mangwee is part of our global strategy to expand our footprint across Africa to better serve our global clients and reduce the cost of remittance into Africa.

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

Bwalya Kampamba, a co-founder of Mangwee, also mentioned 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”.

Zeepay is the fastest-growing mobile financial services company across Africa, with operations in Ghana and the United Kingdom and terminating to 20 countries across Africa, with termination agreements in over 90 jurisdictions globally.