Zeepay, Small World FS Launch Mobile Money Wallets Partnership in Ghana

Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term provider Small World FS and Ghanaian mobile financial services aggregator Zeepay have struck a partnership to offer mobile money wallets in Ghana.

The deal will effectively give access to remittances from around the world to some six million people in the West African country who rely on them as a source of livelihood. The mobile money wallet service will allow for emigrants around the world to send money directly into Ghanaian bank accounts or local mobile wallets.

More Than $1 Billion in Remittances Annually

Ghana is the destination for over $1 billion in international remittances, out of a total $44 billion for the whole of Africa. The country has been seeing a fast progress in mobile payments services: the past 12 month saw more than 130 million transactions, performed via 7 million mobile wallets, according to Small World FS.

Small World boasts a global network of 250,000 payments destinations, focusing on the quick and hassle-free delivery of payments from point A to point B.

New Payments Ecosystem

Zeepay works with a range of mobile network operators and money transfer providers with a view to creating a new retail payment ecosystem in Ghana.

Africa is leading the way globally in mobile money

Commenting on the partnership, Chief Executive Officer Nick Day, said: "Africa is leading the way globally in mobile money, and today’s announcement is another step forward in this revolution.”

Zeepay co-founder Andrew Takyi-Appiah added: “ For the first time, an African emigrant can send money directly to a Mobile Money Wallet, simply by inputting the recipient’s Mobile Money number.”

There are currently some 78 million mobile wallets in Africa, according to BMI Research data, cited by Small World FS, and this is projected to expand to over 100 million by the end of this year.