Zeepay, an African fintech company with operations in more than 10 African countries, has acquired a 51% stake in Mangwee Mobile Money in Zambia
The merger is the first of its kind that two indigenous African fintechs into mobile money operations have come together to grow, representing a wind of change ongoing on the African continent. Zeepay's financial advisor Verdant Capital, acted as Zeepay's M&A advisor on the acquisition. The deal makes Zeepay Ghana the majority shareholder of the entity.
Andrew Takyi-Appiah, managing director of Zeepay, in an interview with CNBC Africa, mentioned, “In 2020 we processed 2.4 million transactions, valued at US$400mn 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$70bn remittance market and opportunity to deploy our award winning products.”
Paa Kwasi Yankey, chairman of Zeepay, said, “The move to invest in Mangwee is part of our global strategy to expand our footprint across Africa, in an effort to better serve our global clients and reduce the cost of remittance into Africa.”
Bwalya Kampamba and Aston Njovu, founders of Mangwee, said, “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.”
