Oikocredit invests US$ 5 million in Ghana’s Zeepay to improve financial inclusion for migrant workers

A new Oikocredit investment will help migrant workers to send money to families back home more easily. The social impact investor has invested US$ 5 million into digital remittances infrastructure provider Zeepay Ghana.

The investment is part of the African fintech’s recent US$ 17 million Series A.5 investment round.

Zeepay facilitates the instant settlement of remittances into mobile money wallets in Africa and the Caribbean on behalf of major global money transfer companies. It will use the funds to expand its geographical footprint and deepen its product range.

Digital money transfers play an important role in helping millions of underserved migrants and their families access financial services.

One in nine people worldwide – about 800 million – live in households that receive international remittances, according to the UN. Remittances to low- and middle-income countries were estimated to have reached US$ 669 billion in 2023 and are forecast to total US$ 690 billion this year, according to the World Bank.

Samuel Ndirangu, Equity Officer at Oikocredit, said, “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 can help overcome challenges around transparency, 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.”

Read the full story here