Zeepay, a Ghana based fintech company has bought a 51% stake in Mangwee, a Zambian mobile money transfer startup. Mangwee is a mobile money transfer platform aimed at increasing the rate of financial inclusion especially in rural areas and propelling Zambia and Africa to a cash-light economy. Mangwee has innovative applications targeted at improving the lives of the women, farmers, youth and the poor with products such as mobile money transfer, bill payments and subscription, bulk payments and bulk SMS’s, digitizing saving groups, village banking and a buying and selling platform.
Zeepay is focused on mobile money wallets, cards, ATMs, bank accounts and digital tokens to international money transfer operators and is based in 20 countries in Africa. Zeepay is licensed as a financial services provider in Ghana. The acquisition of Mangwee marks the consolidation that is currently taking place in the African fintech sector. Zoona, a South African fintech startup, recently sold its Malawian operational assets to its competitor (Mukuru). Zeepay’s acquisition amount was not disclosed.