Zeepay, a pioneering force in the realm of cross-border payments and mobile money innovation, has showcased impressive resilience and growth in the face of economic adversities. Despite navigating through a challenging economic landscape, Zeepay reported a pre-tax profit of GH¢43.9 million by the end of 2022, marking a notable achievement in its annual report.
Financial Advancements and Expansion
Zeepay’s financial success is underscored by its post-tax component, which reached GH¢32.8 million after accounting for a GH¢11 million tax payment. This reflects a remarkable improvement of 274.5 percent compared to the previous year’s GH¢8.76 million.
The fintech platform also experienced significant expansion, witnessing a substantial surge in total processed volume (TPV) and revenue. TPV escalated from US$1.9 billion in 2021 to US$2.9 billion in 2022, paralleled by a surge in revenue from GH¢39.4 million in the previous fiscal year to GH¢96.4 million.
Founder’s Perspective on Success
Founder and Managing Director Andrew Takyi-Appiah attributed Zeepay’s accomplishments to its unwavering resilience, which has been crucial in navigating one of the most severe economic and financial crises in history. Takyi-Appiah highlighted the enduring strength of the company’s assets, which appreciated from GH¢143.8 million in 2021 to GH¢406.8 million in 2022. This growth has culminated in the declaration and payment of dividends totaling GH¢1.89 million.
Global Reach and Vision for the Future
Zeepay’s expansion efforts extended beyond its core market. The company successfully consolidated its operations in other regions, including Zambia, and initiated business in Barbados. This expansion involved securing mobile money licenses across markets such as Gambia, Sierra Leone, Ivory Coast, and Guyana.
Looking forward, Takyi-Appiah outlined Zeepay’s strategic objectives for 2023. The company aims to harness the influx of remittances to drive mobile money cash-ins across its operational countries, ensuring sustained expansion. To achieve this goal, a corporate transformation drive is planned, potentially involving a division of the business into value creators and value managers. This approach is anticipated to enhance focus and facilitate recruitment at the middle to senior levels. Furthermore, strategic acquisitions are being considered to accelerate growth and market share.
Chairman’s Perspective: Commitment to Transformation
Board Chairman Daniel Giyimah emphasized Zeepay’s commitment to generating economic value by enhancing last-mile access, transforming financial inclusion, and disrupting cross-border money transfers. Giyimah praised the company’s resilience and dedication in delivering seamless transactions for customers even in challenging times. Zeepay’s year-on-year records of transaction volumes have been remarkable, fueled by partnerships with major Mobile Network Operators (MNOs) and the rollout of flagship products.
A Vision for the Future
Zeepay’s future vision encompasses covering tourist islands in the Caribbean with tailor-made products, creating distinctive offerings for users. The company’s ethos revolves around making a positive impact, both within society and the broader financial landscape, while staying true to its role as a locally-founded entity.
In a world filled with innovative ideas and products, Zeepay’s dedication to its unique approach and its determination to meet social demands and contribute to its nation’s progress set the stage for a future that resonates well with all stakeholders.