Zeepay has acquired a 51 percent stake in Mangwee Mobile Money Zambia, marking a strategic move to expand its operations in Southern Africa.

Target Information

Zeepay, a prominent African fintech company operating in over 10 African nations, has acquired a 51 percent stake in Mangwee Mobile Money Zambia through a new issuance of shares. Mangwee, established in 2018, was designed as an alternative mobile wallet solution aimed at university students in Zambia, with the objective of making mobile money services more affordable and accessible.

Industry Overview in Zambia

The mobile money industry in Zambia has witnessed significant growth in recent years, driven by increasing smartphone penetration and a young population eager to embrace digital financial services. As of 2022, mobile money accounts have surpassed traditional banking accounts in a country where financial inclusion remains a challenge for a large number of citizens. Various fintech companies, including indigenous players like Mangwee, are key to bridging this gap.

The Zambian government has also played a pivotal role in promoting the mobile money sector, implementing regulatory frameworks that encourage innovation while ensuring co