Zeepay, the Ghanaian payments processing company, has increased the processing of cross-border payments from $1.9 billion in 2021 to $2.9 billion in 2022.
This led to an increase in the company’s revenue from GH¢39.4 million to GH¢96.4 million within the same period under review.
The company attributed the impressive outturn to its diversified portfolio of services, with remittance services emerging as the driving force behind its expansion.
The Founder and Managing Director of Zeepay, Andrew Takyi-Appiah, at the 2023 Annual General Meeting (AGM) in Accra, credited Zeepay’s resounding success to its unwavering resilience in the face of one of the most severe economic and financial crises in human history.
“Despite the global economic challenges of 2022, Zeepay achieved exponential growth.
It remains our most successful year to date,” Mr Takyi-Appiah remarked.
He said during the same period, the company effectively streamlined its operations in various markets, most notably in Zambia, marking the beginning of a profitable journey.
“The company’s activities in Barbados also unfolded seamlessly, securing mobile money licences in four additional markets: Gambia, Sierra Leone, Ivory Coast, and Guyana,” the Managing Director said.
Mr Takyi-Appiah outlined the company’s strategic focus for 2023, highlighting the operational readiness of these markets.
“This expansion initiative aims to foster sustained growth and aligns with Zeepay’s vision of becoming the premier global mobile money operator across Africa and the Caribbean,” he added.
A breakdown of revenue by service type shows the significant contribution of remittance services to Zeepay’s financial successs.
Local income from remittances went up from GH¢31 million in 2021 to GH¢75.5 million last year.
Zeepay attributed that to a growing customer base and increased demand for remittance services in the local market.
The impact of mobile money on local income also increased to GH¢12.86 million last year compared to the previous year’s GH¢4.4 million in 2021, which has been attributed to the accessibility and convenience provided by Zeepay’s mobile money solutions within the local market.
Last year, the company generated GH¢8 million in revenue from foreign remittances, demonstrating its global reach and ability to provide seamless cross-border financial solutions.
Despite facing significant economic challenges, Zeepay’s post-tax profit reached GH¢32.8 million, up 274.5 per cent over the GH¢8.76 million reported in the previous year.
Mr Takyi-Appiah said the company’s assets also increased from GH¢143.8 million in 2021 to GH¢406.8 million in 2022, paving the way for the company to declare dividend payout of GH¢1.89 million.
Zeepay Board Chairman, Daniel Gyimah, added that as the financial landscape evolved, the company’s adaptability and expansion of service offerings positioned it well for future success.
“With a proven track record of revenue growth and a customer-centred approach, Zeepay is poised to maintain its industry leadership, delivering tailored financial solutions to meet diverse client needs, he noted.