This investment marks the inaugural investment from Injaro’s Injaro Ghana Venture Capital Fund (IGVCF) and represents a significant step in Zeepay’s Series A.5 fundraising round.

Zeepay is a pioneering player in the digital termination of remittance (DTR) sector and the mobile money market, with a footprint in over 20 countries across the globe.

The company specializes in facilitating cross-border payments directly into mobile wallets, serving regions spanning Africa and the Caribbean.

Zeepay’s core vision is to foster financial inclusion and revolutionize cross-border payments, particularly in underserved, low-income markets.

Injaro’s investment is expected to fuel Zeepay’s expansion across multiple countries and reinforce its presence in these new markets.

The investment also aligns with IGVCF’s strategic approach of collaborating with Ghanaian small and medium-sized enterprises (SMEs), demonstrating credible growth potential.

Jerry Parkes, the Managing Director of Injaro Investment Advisors, expressed his enthusiasm about the partnership with Zeepay, which is spearheaded by Andrew Takyi-Appiah, a dynamic and visionary young Ghanaian entrepreneur.

Parkes described their joint aspiration to build a successful Ghanaian multinational and become a frontrunner in the fintech industry.

Parkes also emphasized the importance of financing Zeepay with Ghanaian capital, which ensures that the investment’s profits circulate within the local economy, fostering a virtuous cycle of economic development.

He added that this investment signifies a significant initial step towards establishing connections between Ghana’s pension funds and remarkable local businesses that are pivotal drivers of Ghana’s economic growth.

Injaro’s investment in Zeepay is a landmark event for Ghana’s fintech sector and demonstrates the growing confidence of local investors in the country’s entrepreneurial ecosystem.

The investment is expected to accelerate Zeepay’s growth and expansion, enabling the company to reach more underserved communities and promote financial inclusion across Africa and beyond.

REPP 2 is being developed by Camco, a climate and impact fund manager, and is designed to generate substantial climate, economic, and gender-related impacts while also ensuring sustainable returns for its investors.

Sub-Saharan Africa is facing a significant challenge, with approximately 590 million people lacking access to electricity.

The International Energy Agency estimates that $22 billion is required annually to provide reliable energy access throughout the continent by 2030.

Additionally, Africa is grappling with an escalating series of climate-related challenges, and its nations need an estimated $2.8 trillion by 2030 to fulfill their Nationally Determined Contributions under the Paris Agreement.

REPP 2 has been structured as an innovative blended finance facility, leveraging a combination of public, private, and commercial funding to invest in small-scale and decentralized renewable energy projects in sub-Saharan African countries.

Through its private sector approach and a strong focus on supporting communities vulnerable to climate change, the fund is expected to make 35 to 40 investments over its lifetime.

These investments will support the development of decentralized renewable energy sources and enhance the resilience of national grid infrastructure, thereby promoting economic development in sub-Saharan Africa.

It is anticipated that REPP 2 will provide new or improved access to clean, reliable, and affordable power to 7.7 million people across Africa.

This will not only increase economic opportunities but also enhance access to productive energy-related activities.

Furthermore, the fund aims to mitigate 12.7 million tonnes of carbon dioxide equivalent in greenhouse gas emissions over the lifetimes of its projects.

Additionally, it intends to invest $70 million in projects aligned with 2X’s gender lens investing criteria and mobilize $786 million in third-party funding to promote green growth in target countries.

The blended finance structure of REPP 2 represents an evolutionary advancement from the $120 million REPP facility, which was previously fully funded by the UK’s Foreign, Commonwealth, and Development Office.

This development follows the signing of an indicative term sheet by the REPP board for a junior equity investment of up to $50 million from REPP into REPP 2.