Zeepay is planning to raise $10m in equity funding to support the creation of new mobile-money hubs in East and Southern Africa.
According to Andrew Takyi-Appiah, Co-founder and managing director of Zeepay, the new hubs, which will consist of processing centres and back offices, are expected to be in Rwanda and South Africa. He adds that the use of Swahili in Rwanda makes it a good platform from which to reach out to other markets in the region.
The money will be used for marketing and distribution, hiring and creating the hubs. Some of it will be also be used as capital paid to enter new markets, such as Gambia.
Zeepay is present in nine markets and intends to reach a further nine new countries this year. These will include Burkina Faso, Gambia, Tanzania, Ethiopia and Madagascar, though a physical presence will only be needed in countries chosen as hubs. Zeepay is already in partnerships with Orange, MTN and local players which will allow it to operate.