As Ghana is approaching the celebrations of the International Day of Family Remittances (IDFR), the GrEEn Project, funded by the European Union, is sharing highlights from its action in the Ashanti and Western regions: where more than 40,000 beneficiaries (63% women and 76% youth below 35) now have better access to remittances via Digital Financial Services (DFS) (data as of Q1, 2022).

These are only a few successes of the partnership between GrEEn and Zeepay Ghana launched in 2021, aimed at improving last-mile access while providing financial services that allow Ghanaians to send and receive remittances more affordably.

In the last year, GrEEn has contributed to the expansion of Zeepay services in the two targeted regions with more than 11,000 new agents offering Zeepay services through the establishment of kiosks and table-top service centers in underserved areas, with a direct positive impact on business expansion and job creation in the DFS industry. Thanks to this, youth and women from nearby communities can now access a new wallet where they can receive funds from family and friends abroad more easily. The great potential for such a market is confirmed by the record numbers registered from the kickoff: Leveraging the E-Money Issuer license, Zeepay is also offering a complete package of digital financial services beyond remittances through their Zeepay wallet, e.g. domestic transfers, bill payments and saving accounts for the new 40,000+ people reached, mobilizing up to 39M GHS (5M USD) from targeted clients in the regions.

“As we celebrate the International Family Day Remittance, we would like to celebrate our partner UNCDF for their support in making the life of remittance receivers in Ashanti and Western regions easier. At Zeepay, we are delighted that in the last year, we have touched the lives of these customers and improved their lives by building on these flows and offering other value-added services, such as Microinsurance. With this partnership, we are opening new distribution points to offer new job opportunities to agents and ultimately contribute to the financial inclusion of these underserved communities,” said Andrew Takyi-Appiah, Managing Director of Zeepay and champion of innovation and financial inclusion.

GrEEn will leverage these promising results and build remittance-linked financial products that could create value for senders and recipients. Together with Zeepay, GrEEn will pilot a 3-in-1 bouquet of financial services that include insurance for women. Among other services: senders will have the possibility to channel their funding to support specific expenses of family members in-country, such as health packages and insurance plans covering up to GHS 5,000 (USD 683) monthly coverage in the event of illness.

UNCDF is tasked with leading efforts of the European Union to make remittances available and accessible for youth, women and returning migrants in the targeted areas and build on those flows to grant access to remittance-linked financial services to pave the way for more inclusive formal financial ecosystems. In fulfilling this objective, UNCDF supports private sector players such as Zeepay Ghana to innovate and increase access and usage of these digital services. This partnership is around three critical pillars of the UNCDF action in Ghana under the GrEEn Project: 1) increase access and proximity of services reaching the underserved, 2) impact and improve jobs in the DFS sector and 3) promote usage of digital financial services.

As part of activities on the International Day of Family Remittances, UNCDF will join Zeepay on Thursday June 16, at the Disrupt 270 Conference which aims to explore how COVID-19 has affected remittance flows to low-income households. Discussions will address financial innovation from various angles, including new product development leveraging remittances, data analytics and financing.