Clear Junction (www.clearjunction.com), a London-based global fintech company that offers end-to-end regulated payment solutions based on in-house technology, has established a partnership with Zeepay (www.myzeepay.com), a leading African fintech company.
Clear Junction will offer correspondent accounts for collecting payments in the European Union and UK that will strengthen Zeepay’s p2p remittance service for Ghanaians living in Europe, allowing them to send money to their families in the homeland. The service is expected to be operational in summer.
Countries such as the UK, Italy, France and Spain have large African communities usually formed of migrant workers who are socially and economically vulnerable, not to mention hit hard by the economic slowdown due to the COVID-19 virus. The Zeepay p2p payment service aims to reduce transfer commissions for migrant workers and their families when sending money home.
In late March, the Bank of Ghana granted Zeepay a license to operate a full Electronic Money Issuer service, allowing customers to send and receive money across a 150,000 agent network and perform other financial services. Zeepay was Ghana’s first non-bank financial services company to get such a license. It has operations across Africa: in Uganda, Mozambique, Nigeria, Zimbabwe, Cameroun, Ivory Coast, and more.
“Together with Clear Junction we’re bringing the European fintech revolution to Africa, and this will help to mitigate the lockdown’s impact on people and society,” said Zeepay director, Andrew Takyi-Appiah. “We offer our community a service that is cash free and available without the need to go physically to the post office and wait in a line.”
The agreement with Zeepay is a part of Clear Junction’s strategy of extending the service to domestic payment operators worldwide. By this partnership, Clear Junction further expands its services to Africa. In recent years the company has built similar relationships with banks and payment intermediaries in the UK, Poland, Ukraine, Georgia, Turkey and other countries.
“Since Sub-Saharan Africa is traditionally considered a challenging region from the remittance perspective, we are glad to extend our service to an institution that just recently has satisfied the scrutiny of the local regulator,” said Dima Kats, CEO of Clear Junction. “Our correspondent account service will lower the entry barrier for Zeepay when rolling out the payment collection in the EU and UK.”
About Clear Junction:
Clear Junction is an FCA-authorised payment operator based in London, UK. Its correspondent account service enables regional banks and payment intermediaries to have access to the interbank clearing systems of the EU (SEPA) and UK (FasterPayments, BACS, CHAPS). The powerful in-house technical platform allows provision of additional services such as virtual IBAN issuance, API integration of complex payment workflows, and etc.
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