Zeepay partners UNCDF under GrEEn Project to deepen financial inclusion
Zeepay Ghana will bring financial services to the last mile in Ashanti and Western regions thanks to the EU-funded project ‘Boosting Green Employment and Enterprise Opportunities in Ghana – (GrEEn)’, in partnership with United Nations Capital Development Fund (UNCDF).
The project aims at creating greater economic and employment opportunities for youth, women and returning migrants by promoting and supporting sustainable, green businesses in selected regions (Ashanti and Western).
Thanks to UNCDF partnership, Zeepay will increase last mile access and usage of financial services for vulnerable groups in selected districts in Ghana with the objective to reach more than 20,000 underserved clients.
The UNCDF technical and funding facility will not only support efforts to provide financial services, but facilitate consumer education on digital financial products, financial literacy training as well as job creation for the indigenous in certain remote areas in 10 selected districts in Western Region and Ashanti Region where access and usage of financial services are a challenge. The districts are Adansi South, Offinso North, Ejura Sekyeredumase, Sekyere Afram Plains, Ahanta West, Wassa Amenfi East, Offinso Municipal, Nzema East, Jomoro, and Sekyere Kumawu.
Through its Mobile for Development solution, Zeepay will offer a 3-in-1 bouquet of financial services aimed at 1) reaching underserved sections of the population 2) creating jobs and 3) promoting digital financial services.
Zeepay will conduct sign up exercises for the Zeepay mobile money wallets in targeted communities offering them financial services such as Zeepay’s Remit2save and microinsurance.
Remit2save provides Zeepay wallet holders the opportunity to save and earn up to 5% cash bonus incentive on funds in their mobile money wallet.
Subscribers from these communities will receive a microinsurance coverage as an incentive to build and maintain a healthy saving habit.Beneficiaries of the microinsurance receive up to GHS 5,000 monthly coverage should there be dread diseases.
“Insurance is about protection, however, over the years we have realized that most insurance companies tend to focus on cover with less emphasis on protection,” Zeepay Managing Director Andrew Takyi-Appiah said. “We are delighted that out of remittance we can scale to achieve insurance protection for the bottom of base and would like to thank UNCDF for supporting us to achieve this milestone.
“Despite these positives,” she said, “one key challenge has been the activities of fraudsters and other criminal elements. The upcoming SIM re-registration exercise will weed-out fraudsters and diminish cybercrimes.”The minister added that her outfit and relevant stakeholders will ensure that financial inclusion progresses, by riding on suitable financial products as well as connectivity.
Zeepay is the fastest growing mobile financial services company across Africa with operations in Ghana and the United Kingdom and terminating to 20 countries across Africa with termination agreements in over 90 jurisdictions globally. It specialises in remittance termination into mobile wallets and are completely network and partner agnostic.
The Boosting Green Employment and Enterprise Opportunities in Ghana – (GrEEn) is a four-year action from the European Union, the Embassy of the Kingdom of the Netherlands in Ghana, UNCDF and SNV. The project aims at creating greater economic and employment opportunities for youth, women and returning migrants by promoting and supporting sustainable, green businesses in selected regions (Ashanti and Western).
GrEEn is implemented under the European Union Emergency Trust Fund (EUTF) for Africa.
The UN Capital Development Fund makes public and private finance work for the poor.UNCDF offers “last mile” finance models that unlock public and private resources, especially at the domestic level, to reduce poverty and support local economic development.