Payments provider Small World FS and Ghanaian mobile financial services aggregator Zeepay have struck a partnership to offer mobile money wallets in Ghana.
The deal will effectively give access to remittances from around the world to some six million people in the West African country who rely on them as a source of livelihood. The mobile money wallet service will allow for emigrants around the world to send money directly into Ghanaian bank accounts or local mobile wallets.
More Than $1 Billion in Remittances Annually
Ghana is the destination for over $1 billion in international remittances, out of a total $44 billion for the whole of Africa. The country has been seeing a fast progress in mobile payments services: the past 12 month saw more than 130 million transactions, performed via 7 million mobile wallets, according to Small World FS.
Small World boasts a global network of 250,000 payments destinations, focusing on the quick and hassle-free delivery of payments from point A to point B.
New Payments Ecosystem
Zeepay works with a range of mobile network operators and money transfer providers with a view to creating a new retail payment ecosystem in Ghana.
Commenting on the partnership, Chief Executive Officer Nick Day, said: “Africa is leading the way globally in mobile money, and today’s announcement is another step forward in this revolution.”
Zeepay co-founder Andrew Takyi-Appiah added: “ For the first time, an African emigrant can send money directly to a Mobile Money Wallet, simply by inputting the recipient’s Mobile Money number.”
There are currently some 78 million mobile wallets in Africa, according to BMI Research data, cited by Small World FS, and this is projected to expand to over 100 million by the end of this year.
Source: Finance Magnates