Leading the way in cross-border payments, Zeepay has announced a remarkable surge in both its total processed volume (TPV) and revenue.
Over the course of just one year, TPV has surged from US$1.9 billion in 2021 to an impressive US$2.9 billion in 2022. This exponential growth in TPV has been paralleled by revenue, which has risen from GH¢39.4 million in the previous fiscal year to an outstanding GH¢96.4 million in 2022.
This exceptional achievement can be attributed to Zeepay’s diversified portfolio of services, with remittance services emerging as the driving force behind this impressive expansion.
Andrew Takyi-Appiah, Founder and Managing Director, addressing the 2023 Annual General Meeting (AGM), 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.
During this same period, Zeepay 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 licenses in four additional markets: Gambia, Sierra Leone, Ivory Coast, and Guyana.
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.
A comprehensive breakdown of revenue by service type underscores the significant contribution of remittance services to Zeepay’s financial triumph. Local income from remittances surged to GH¢75.5 million in 2022, a substantial increase from GH¢31 million in the previous year. This boost can be attributed to a growing customer base and increased demand for remittance services within the local market.
The impact of mobile money on local income also surged, reaching GH¢12.86 million compared to the previous year’s GH¢4.4 million in 2021. This growth is attributed to the accessibility and convenience provided by Zeepay’s mobile money solutions within the local market.
In 2022, 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, marking an impressive 274.5 percent improvement from the GH¢8.76 million reported in the previous year.
Mr. Takyi-Appiah also highlighted the substantial growth of the company’s assets, increasing from GH¢143.8 million in 2021 to an impressive GH¢406.8 million in 2022. This robust growth signifies Zeepay’s enduring strength and resilience since its inception, leading to the declaration and distribution of dividends totaling GH¢1.89 million.
Zeepay’s impressive revenue growth from customer contracts underscores its commitment to innovation, customer satisfaction, and providing vital financial services to individuals and businesses alike. The strategic focus on remittance and mobile money services has proven successful, solidifying Zeepay’s position as a prominent player in the financial services sector, he said, adding that plans are underway for further expansion.
Daniel Gyimah, 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-centred approach, Zeepay is poised to maintain its industry leadership, delivering tailored financial solutions to meet diverse client needs, he noted.
Source: Samuel Dowuona (Tech Focus24)
