Migrant Ghanaians in Europe and UK to welcome cash free transfers home
A global fintech company Clear Junction’s new agreement with Zeepay Ghana will soon allow cash free transfers to Ghana at reduced costs.
The partnership will allow Clear Junction to offer correspondent accounts for collecting payments in the European Union and UK that will enable Zeepay's p2p remittance service for Ghanaians living in Europe, allowing them to send money to their families in the homeland. The service is expected to be operational by June.
Countries such as Italy, France and Spain have large African communities usually consisting of migrant workers who are socially and economically vulnerable, not to mention have been hit hard by the economic slowdown due to the COVID-19 virus. The Zeepay p2p payment service aims to reduce transfer commissions for migrant workers and their families when sending money home without the recipient having to go physically to the post office and wait in a line.
Zeepay director, Andrew Takyi-Appiah explained, “Together with Clear Junction we’re bringing the European fintech revolution to Africa, and this will help to mitigate the lockdown's impact on people and society.”
In late March, the Bank of Ghana granted Zeepay a license to operate a full Electronic Money Issuer service, allowing customers to send and receive money across a vast agent network and perform other financial services. Zeepay was Ghana’s first non-bank financial services company to get such a license. It has operations across Africa: in Uganda, Mozambique, Nigeria, Zimbabwe, Cameroun, Côte d’Ivoire, and more.
Dima Kats, CEO of Clear Junction elaborated, "Since Sub-Saharan Africa is traditionally considered a challenging region from the remittance perspective, we are glad to extend our service to an institution that just recently has satisfied the scrutiny of the local regulator."
Zeepay is the fastest growing fintech into Mobile Financial Services across Africa and specializes in remittance termination into mobile wallets and is completely network and partner agnostic. The company supports Sustainable Development Goals (SDG) 3 and is considered a financial inclusion company positioned to improve last mile access.