Launches new product to provide insurance cover for all remitters and their dependants
Zeepay Company Limited, on Thursday June 16, 2022 hosted the second edition of Disrupt 270 Conference on the theme “Leveraging Remittances for Digital Inclusion and Impact” to commemorate the International Day of Family Remittances.
The one-day thought leadership conference provided insights on the evolution of remittances post-pandemic and how various policies are influencing the industry to impact diasporans and remittance receivers.
H. E Harriet Thompson, British High Commissioner, Ghana, in her keynote address mentioned that Zeepay in 2021, processed almost 900 million dollars remittances in Ghana, a staggering amount and a critical contribution to Ghana’s economy in a difficult period of the Covid-19 pandemic.
“Digital is a priority sector between the UK-Ghana economy partnership. We are excited about how digital approach and remittances has improved the lives of people living in both the UK and Ghana,” she added.
Andrew Takyi-Appiah, Managing Director of Zeepay, mentioned that Africans in the diaspora have been given a lot of opportunities that come with financial rewards after the pandemic and these individuals still have families here in Africa and will send monies to them.
“We are very optimistic that remittances will increase to not less than 16% of the 4.5 billion dollars that was spent last year which represented 6.3% of Ghana’s GDP. This is why at Zeepay we continue to focus on digital rails to connect various digital assets which will in turn help to reduce fees and other transaction costs like travel time, making the process more convenient and safer while promoting digital and financial inclusion,” he stated.
Mr. Takyi-Appiah further revealed that 20% of Ghana’s remittances was processed by Zeepay whilst affirming that it is important to celebrate the current strides made in remittance within the fintech sector in Africa, bridge the next frontier and the future of remittances and digital transfers across the continent and globe including the role intra-African migration will play.
“The significance of this conference cannot be overstated because remittances lift people out of poverty, pay for education, cover health expenses, allow housing investments and many other family goals beyond consumption. It is necessary for industry experts to come together and dialogue on how to improve the sector, hence; this conference demonstrates our commitment to it, and we are delighted to lead the conversations,” he emphasized.
Mr. Michael Baafi, the Deputy Minister for Trade and Industry during his welcome address indicated that the time for Africans to explore Africa is now and Zeepay over the last few years has taken the lead and shown the way.
He commended Zeepay for taking a path that leads to endless innovations for the young people and added “Zeepay is the company that you and I must associate with”.
A new product, Zee Microfinance was officially launched at the conference to enable Zeepay subscribers to receive insurance cover from partnered insurance companies to help cushion their lifestyle and future possible occurrences.
The 4 panel sessions featured thought leaders who shared industry knowledge on the evolution and projected growth of remittances, the significant need for remittance-linked insurance and the impact of e-levy on remittance and distribution.
Five startups in the fintech ecosystem were nominated to pitch, with three emerging winners selected to receive funding and mentorship from Zeepay and Moneygram.
The winners were OSUAccra, Tudu Technologies and Paybox.