Zeepay, a trailblazer in cross-border payments, has announced an impressive surge in both its total processed volume (TPV) and revenue, solidifying its position as a key player in the financial sector. Over the span of just one year, TPV has catapulted from US$1.9 billion in 2021 to a remarkable US$2.9 billion in 2022. This substantial growth in TPV is mirrored by revenue, which has surged from GH¢39.4 million in the preceding fiscal year to an exceptional GH¢96.4 million in 2022.
This remarkable feat can be attributed to Zeepay’s diverse range of services, with its remittance services emerging as the driving force behind this impressive expansion.
Addressing the 2023 Annual General Meeting (AGM), Andrew Takyi-Appiah, Founder and Managing Director, attributed Zeepay’s resounding success to its unyielding resilience in the face of one of the most severe economic and financial crises in history. “Despite the global economic challenges of 2022, Zeepay achieved exponential growth. It remains our most successful year to date,” remarked Mr. Takyi-Appiah.
During this same period, Zeepay effectively streamlined its operations in various markets, most notably in Zambia, marking the inception of a profitable journey. The company’s activities in Barbados also progressed seamlessly, securing mobile money licenses in four additional markets: Gambia, Sierra Leone, Ivory Coast, and Guyana.
Mr. Takyi-Appiah outlined the company’s strategic focus for 2023, emphasizing the operational readiness of these markets. This expansion initiative aims to cultivate sustained growth and aligns with Zeepay’s vision of becoming the premier global mobile money operator across Africa and the Caribbean.
A detailed breakdown of revenue by service type highlights the substantial contribution of remittance services to Zeepay’s financial triumph. Local income from remittances surged to GH¢75.5 million in 2022, marking a significant upsurge from GH¢31 million in the previous year. This boost can be attributed to an expanding customer base and escalating demand for remittance services within the local market.
The impact of mobile money on local income also witnessed a surge, reaching GH¢12.86 million compared to GH¢4.4 million in 2021. This growth is attributed to the accessibility and convenience offered by Zeepay’s mobile money solutions within the local market.
In 2022, the company generated GH¢8 million in revenue from foreign remittances, underscoring its global reach and ability to provide seamless cross-border financial solutions.
Despite facing considerable economic challenges, Zeepay’s post-tax profit soared to GH¢32.8 million, demonstrating an impressive 274.5 percent improvement from the GH¢8.76 million reported in the prior year.
Mr. Takyi-Appiah also highlighted the substantial growth of the company’s assets, escalating from GH¢143.8 million in 2021 to an impressive GH¢406.8 million in 2022. This robust growth underscores Zeepay’s enduring strength and resilience since its inception, leading to the declaration and distribution of dividends totaling GH¢1.89 million.
Zeepay’s remarkable revenue growth from customer contracts underscores its dedication to innovation, customer satisfaction, and provision of essential financial services to individuals and businesses alike. The strategic emphasis on remittance and mobile money services has proven successful, solidifying Zeepay’s position as a prominent player in the financial services sector. Plans for further expansion are underway.
Daniel Giyimah, the Board Chairman, added that as the financial landscape evolves, Zeepay’s adaptability and expansion of its service offerings position it well for future success. With a proven track record of revenue growth and a customer-centric approach, Zeepay is poised to maintain its industry leadership, delivering tailored financial solutions to meet diverse client needs.
