Zeepay, a Ghanaian startup in cross-border payments grew its pre-tax profit to GHC 43.9 million at the close of 2022 according to its annual report.
By The Numbers
- Zeepay saw an increase in both total processed volume (TPV) and revenue. TPV surged from $1.9 billion in 2021 to GHC 2.9 billion in 2022, with revenue growth reaching GHC 96.4 million versus GHC 39.4 million in the previous fiscal year.
- Following a GHC 11 million tax payment, the post-tax component stood at GHC 32.8 Million; a 274.5 percent improvement over the GHC 8.76 million recorded in the previous year.
- The company’s assets appreciated from GHC 143.8 million in 2021 to GHC 406.8 million in 2022.
The Bigger Picture
Zeepay successfully consolidated its business operations in other markets, such as Zambia, to start the profitability journey.
Its operations in Barbados also started seamlessly, successfully completing mobile money licencing across four additional markets including Gambia, Sierra Leone, Ivory Coast, and Guyana.
What Happens Next
In its projection for 2023, CEO Mr. Takyi-Appiah outlined that the Zeepay intends to capitalise on the influx of remittances to propel its mobile money cash-ins across the multiple countries where it operates, thus ensuring its continuous expansion.
He said the company will initiate a corporate transformation drive during 2023/24 centered on a tailor-made operational approach, potentially involving the division of the business into value creators and value managers.
Source: Business And Financial Times