Telecom
Zeepay Raises Equity from Leading Institutions to Support its ongoing Expansion
Africa50 and Oikocredit lead equity investment in Ghanaian fintech Zeepay to support Africa expansion; The investment will support the expansion of Zeepay’s cross-border remittances and mobile financial services business across Africa and the Caribbean; The investment was made by Africa50, Oikocredit, Injaro Ghana Venture Capital Fund (IGVCF) and Verdant Capital Hybrid Fund, with a follow-on investment from Investisseurs & Partenaires (I&P).
Ghanaian fintech company Zeepay Ghana Ltd announced the completion of an equity investment by pan-African investment firms Africa50, Oikocredit, Injaro, Verdant Capital Hybrid Fund, and I&P. The funds will go towards expanding Zeepay’s operations in Africa and the Caribbean.
Zeepay is a fast-growing payment infrastructure company with a footprint in more than 20 countries globally. Since its inception in 2014, Zeepay has specialised in facilitating the instant settlement of remittances into mobile money wallets in Africa and the Caribbean on behalf of leading international money transfer organizations (IMTOs). Last year, the Company settled over 10 million remittance transactions worth over $ 3 billion in value.
The company’s vision is to promote financial inclusion and transform cross-border payments, particularly in low-income countries. This equity investment will support Zeepay in expanding its geographical footprint and in deepening its offering to IMTOs as well as senders and recipients of remittances.
Andrew Takyi-Appiah, the Founder & CEO of Zeepay Ghana Ltd, commented: “We would like to thank all our stakeholders, including our customers, shareholders, and staff, for all the support in bringing this round to a close. The raise will greatly assist us in completing our ongoing expansion drive into the rest of Africa.
“Our short to medium plan is to expand our mobile money reach into a minimum of 10 countries within the next two years, leveraging remittances in partnership with MoneyGram, and we are delighted to see this vision come through.”
“Africa50 is delighted to be partnering with Zeepay to support its leading role in the digital payments infrastructure space on the African continent and beyond. Foreign currency inflows from remittances are the lifeline for many African economies with sizable diaspora populations, especially in the current economic environment.
“Zeepay provides a local, affordable, secure, and convenient money transfer solution for the industrious African diaspora to support their loved ones,” said Raza Hasnani, Managing Director and Head of Infrastructure Investments at Africa50.
Oikocredit is delighted to partner with Zeepay as we grow our global portfolio of impactful fintechs. Remittances are essential to financial inclusion for many households in Zeepay’s countries of operation, and its digital wallets help overcome challenges around transparency, cost, convenience, speed and safety for both senders and receivers of funds.
We are pleased to partner with a fast-growing African business led by a capable team and look forward to supporting its growth,” said Samuel Kibiri, Equity Officer for Africa at Oikocredit.
”I&P’s follow-on investment in Zeepay demonstrates our conviction in the success and prospects of the business. We are proud to have partnered with a highly capable promoter and management team in delivering impressive financial and social returns over the past two years with our initial investment.
“We are excited to be joined by new like-minded investors and remain fully committed to supporting Zeepay to attain its goal of becoming a leading pan-African mobile financial services business impacting the lives of millions of underserved users across Africa and the Caribbean,” said Sebastien Boyé, Co-CEO of I&P.
“The Injaro team is honoured to partner with the Zeepay team, which Andrew Takyi-Appiah, a dynamic and visionary young Ghanaian entrepreneur, leads. We look forward to working together to achieve the ambitious goal of creating a successful Ghanaian multinational and a market leader in the fintech space.
“It is especially gratifying to finance Zeepay with Ghanaian capital as this ensures that profits from this investment flow back into the local economy to trigger a virtuous cycle of economic development.
“We believe that this investment represents an important first step in building linkages between Ghana’s pension funds and exceptional local businesses, which are important drivers of Ghana’s economic growth”, remarked Jerry Parkes, Managing Director of Injaro Investment Advisors Limited.
Kwabena Appenteng, Director at Verdant Capital, said, “Zeepay offers investors like Verdant an attractive combination of hard currency earnings through its remittance-to-the-wallet business and growth opportunities across the continent. Testament to the strength of the management team at Zeepay: the business reached profitability earlier in its lifecycle than other fintechs and has maintained strong profitability while growing and diversifying its footprint and revenue base.
The need for Nigeria to think outside the box in its need to drive towards global relevance with innovations and scientific developments will be on the front burner at the NITRA Innovative & Scientific Conference scheduled to hold on Thursday July 23, 2026 in Ikeja, Lagos.
NITRA
The Nigerian Communications Commission (NCC) will lead other delegates to discuss and take far-reaching decisions at the event, which has its theme as “Bridging Nigeria’s Digital Divide With Scientific Innovation”.
Other companies that have indicated interest in partnering with NITRA include mobile communications company, Tecno; Africa’s premier end-to-end AI solutions company, Hyperspace; and telecommunications data infrastructure company, Digital Realty.
Speaking on the proposed event, the Chairman, Nigeria Information Technology Reporters Association (NITRA), Chike Onwuegbuchi noted that the event will seek to create a platform for government and private organisations to deliberate on policies around scientific innovations in Nigeria, challenges, place of indigenous and foreign collaboration, roles of each stakeholder, and grassroots development in that regard, among others.
According to him: “The Federal government, with series of programmes and partnerships, has established the urgent need to create an ecosystem that thrives on scientific innovation, breeding institutions and individuals with a target of placing the country at the fore-front of Next-Gen development.
It is a known fact that digital and scientific innovations are crucial, not only to the survivability of a nation, but also to the sustainability of its growth and development, with significant effect on economic strength, global image, defense and security, government capabilities to function, and public health and safety, communication and digital footprint, among others.
The federal government is actively driving scientific innovation to foster economic diversification and build a $1 trillion economy by 2030. Efforts are heavily focused on commercializing research, establishing massive research funds, and funding strategic infrastructure, particularly in technology, biotechnology, and healthcare. Core government initiatives and policies include the newly instituted National Research and Innovation Development Fund (NRIDF), which aims to mobilize about $500 million annually to support research and the commercialization of scientific outputs; and the Nigeria Genomic City, a multi-ministerial initiative aimed at transforming Nigeria into a leading hub for genomics, precision medicine, and biotechnology. It is designed to protect indigenous data, stimulate artificial intelligence in health, and develop a highly skilled scientific workforce.
According to the General Secretary of NITRA, Mr. Chidiebere Nwankwo, the forum will also be a vehicle to propagating the views of decision makers to the public, thereby furthering the cause of public awareness and information dissemination on the topic.
The focus, he said will be on how Nigeria can sustain digital innovative growth and scientific development in Nigeria
Concerns over network reliability and its impact on Nigeria’s growing creator economy took centre stage at MTN Nigeria’s Data on Trial event, where content creator and streamer, Jarvis, challenged telecommunications operators to improve connectivity for digital creators.
Speaking during the event, Jarvis asked whether there were locations in Nigeria where uninterrupted internet connectivity could support real-life (IRL) streaming without network disruptions.
“Are there places where there is no breakage when streaming IRL?” she asked.
Her question highlighted the challenges faced by content creators who depend on stable internet services for live streaming, content uploads and real-time engagement with audiences.
Responding, MTN Nigeria’s Chief Technical Officer, Mr Yahaya Ibrahim, said network performance depends on several factors, including location, network coverage, device capability and the number of users connected to a particular base station.
He noted that operators continue to invest in expanding network capacity to meet the growing demand for data services.
Earlier, MTN’s General Manager, Network Performance and Quality Assurance, Mr Michael Ndukwe, explained the evolution of mobile network technology in Nigeria, from first-generation (1G) services to the current fifth-generation (5G) technology.
According to him, each phase of technological advancement has significantly increased network capacity and enabled new digital services.
Ndukwe cited Nigerian Communications Commission (NCC) data showing that Nigerians consumed about 13.2 million terabytes of data in 2025.
He added that data usage reached approximately 4.06 million terabytes in the first quarter of 2026, reflecting the country’s increasing reliance on digital platforms and online services.
According to him, the growth is being driven by wider adoption of 4G and 5G networks, increased smartphone penetration, the proliferation of smart devices and expanding use of social media platforms.
Participants at the event noted that as more Nigerians build businesses and careers around digital content, access to reliable and high-speed internet has become critical to sustaining the country’s digital economy and creator ecosystem.
In an era where customer complaints about data consumption often play out on social media, MTN Nigeria took an unusual step. Rather than issue another statement, the company opened its doors and invited critics, customers, influencers and journalists to interrogate its operations at the Data On Trial in Lagos.
Dr Karl Toriola, MTN Nigeria
The session offered a rare glimpse into the realities behind Nigeria’s digital economy. MTN Nigeria CEO, Dr Karl Toriola, acknowledged public concerns and encouraged participants to ask difficult questions. “Give it to us as hard as you can. Ask us the most difficult questions, don’t hold back,” he said. The company used the platform to explain how factors such as automatic cloud backups, video streaming and app settings contribute significantly to data consumption, issues many users often overlook.
Beyond addressing consumer concerns, MTN shed light on the scale of investment required to keep Nigeria connected. Toriola disclosed that the company invested close to ₦1 trillion in network infrastructure last year and plans to exceed that figure this year. He explained that these investments support network expansion, improved capacity and service delivery for millions of Nigerians across the country.
The session also highlighted MTN’s commitment to accountability. Company executives explained that MTN’s billing systems are independently audited and reviewed by regulators to ensure accuracy and fairness. “What we are saying authoritatively is we will never deliberately shortchange you on the consumption of your data,” Toriola stated, reaffirming the company’s position on customer trust and transparency.
More than a defence of its network, Data On Trial reflected a company willing to engage openly with the people it serves. At a time when digital connectivity has become central to everyday life, MTN’s decision to answer tough questions in public signalled a broader commitment to transparency, customer education and continuous investment in Nigeria’s digital future.
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