Two of the grantees have successfully completed their projects under the grant and continue to deliver in the remittance space.
1. Zeepay Ghana Limited
The company has successfully completed its program which ran for a period of 18 months. The milestones achieved during the program include:
First Mile Access: Zeepay introduced an online portal and mobile application channels working through its MTO partners including MoneyGram and Ria. This has resulted in remittances from lesser-known corridors to Ghana.
Last Mile Access: The grantee’s partnership with a few global money transfer operators including MoneyGram, Ria, Small World, MoneyTrans, Instant Cash and INSTNTMNY resulted in a significant increase in mobile wallet repeat transactions per which means recipients do not have to travel to a bank branch or agent to receive their remittances.
Cost of Remittances: The cost reduction effect of Zeepay’s operations is linked to online and mobile applications available to remitters, through its MTO partners in the send markets. The partnership now offers zero fees for senders through MoneyGram online directly to mobile money wallets.
Investment-Backed Remittance Product: In the course of implementation, Zeepay was able to develop an investment-backed remittance product called Remit-Invest in partnership with Glico Capital.
2. PayInc Ghana Limited
The company has successfully completed its program which ran for a period of 24 months. The milestones achieved during the program include:
Cost of Remittances: Reduction of cost to below 1%
•Reduction of processing time to within 5 minutes across all channels
•58% switch from over-the-counter cash-outs to digital channels
Greater use of formal sector remittances: Average of 16% month-on-month increase in customer numbers
Through the RGF support, PayInc also extended its service to five new corridors in Europe (Germany, Netherlands, Italy, France, and Spain).