Chief Executive of Zeepay, a fintech company, says the Payment Systems and Services law that was passed last year will bolster innovation in the industry.
Andrew Takyi-Appiah said the law will allow innovation to thrive in the market. He believes the law is the current government’s recognition of the enormous potential of Ghana’s youth in the fintech ecosystem.
“Now that it has been passed, it will create a level playing field and everyone will know which supervisory element or level it belongs to. In a free market economy, you must allow the markets to play together; and the markets must be allowed to play from an opportunistic perspective, rather than monopolistic perspective because from an opportunistic perspective, players will be building upon opportunities found,” he said.
The Bank of Ghana (BoG) has explained that the new law will cater for existing and emerging payment streams such as electronic money, prepaid cards, credit cards, electronic platforms and payment instruments.
The Payment Systems and Services law will also provide for non-banks to establish, own and manage electronic money business in the form of a separate entity to be supervised by the Bank of Ghana, as well as promote the availability and acceptance of electronic money and other forms of payment services as retail payment media.
Furthermore, he said, it will promote innovation in the design of new secure electronic money products and payment services and increase competition in the electronic money business, and finally open-up the electronic money space to engender financial inclusion to help reduce poverty.
To mark its fifth anniversary, Zeepay has launched a new promo dubbed #TUGUMESO. All recipients of international money transfer from the diaspora will get free airtime on every transfer received directly into a mobile money wallet in minutes.
The promo is designed to impact over 20 million mobile money customers who receive remittances directly into their mobile wallet from Italy, United States of America and United Kingdom. The offer is open to all Small World Choice USA, Small World Europe and Moneytrans clients. Remittances can be cashed out at over 380,000 agent locations across the country.
Dede Quarshie, Category Business Manager Zeepay noted: “As part of our 5th anniversary, we deem it fit to reward all our diligent customers through this free airtime promotion. We anticipate touching the lives of over 500,000 customers from the USA, Italy and UK, through this promotion”.
Mr. Taky-Appiah also noted that it has been a tough five years. “We have been in constant dialogue with regulators across Africa explaining to them why this system is safe and convenient, and we have raised some money and got some good shareholders on board. We have gone through three IT audits by KPMG, and that shows the level of governance we are going through,” he said.
He added that Zeepay currently has an office in the UK and is working with the Financial Conduct Authority (FCA).