Sector of activity: Digital, Tech
Status: Investissement en capital
Associed fund: IPAE 2
Entrepreneur: Andrew Takyi-Appiah
Country: Ghana
A propos:


Zeepay is the fastest growing Ghanaian-owned fin-tech, promoting financial inclusion in Ghana. Zeepay focuses on digital rails to connect digital assets such as mobile money wallets, cards, ATMs, Bank Accounts and Digital tokens to International Money Transfer Operators, Payments, Subscriptions, International Airtime and Refugee payments.

Zeepay has experienced exponential growth since its launch in 2016 and currently terminates over 130,000 transactions on a monthly basis

In March 2020, Zeepay became the first Ghanaian-owned company to be issued an Electronic Money Issuer (EMI) licence by the Bank of Ghana. This license enables Zeepay to offer the full spectrum of mobile financial services in Ghana.


The entrepreneur

Andrew Takyi-Appiah is the Managing Director of Zeepay. Andrew is an expert in banking and mobile payments, having accumulated over 15 years of experience in banking and business development, from working in 3 continents: Europe, North America and Africa. His African experience spans across Nigeria, Kenya, Uganda, Rwanda, Ghana, Burundi, Zambia, Malawi and South Africa. Prior to founding Zeepay, Andrew previously worked at PwC (UK), PwC (Ghana), Barclays UK, UT Bank, Ecobank, GT Bank, Nestle and the Commonwealth Secretariat.


Partnership with I&P 

The partnership between Zeepay and I&P (through its fund I&P Afrique Entrepreneurs 2) aims to:

Help Zeepay meet regulatory capital requirements of the license

Support the company on talent acquisition, technology development and customer acquisition


Expected Impacts

Deepen financial inclusion, especially to underserved sections of the population

Catalyze economic development by promoting access to faster, safer and cheaper ways to access international remittances

Create decent jobs across the continent in the technology sector


In portfolio since: 2021


Sector of activity: Energy
Status: Investissement en capital
Associed fund: I&P Expansion, IPAE 2
Entrepreneur: Kofi Nketsia-Tabiri
Country: Ghana
A propos:


XpressGas Limited is the fastest-growing and one of the largest LPG (Liquefied Petroleum Gas) companies in Ghana.

The company was incorporated in 2009 and was granted a license by the National Petroleum Authority in 2010 to operate as an LPG Marketing Company. XpressGas currently owns 3 LPG refill stations, 23 LPG Bulk Road Vehicles (BRV-Trucks), and serves a network of 53 third-party owned stations across all the regions of Ghana.

The main focus of the business is on the peri-urban and rural areas of the country, and this is in line with the Government of Ghana’s stated objective to increase access to LPG by 50% in 2030.

Liquefied Petroleum Gas (LPG) is increasingly becoming the preferred choice of fuel in the world and Ghana is moving in the same direction. The increase in patronage could be attributed to its affordability, efficiency and environmental friendliness. The impact potential of switching consumers from harmful traditional fuels such as firewood to LPG is significant.


The entrepreneur

The company is managed by a strong promoter who has built a well-structured business that has advanced up the ranks of the top LPG companies in Ghana within the span of just 8 years.

Mr. Kofi Nketsia-Tabiri brings over 18 years of investing, business development and entrepreneurship experience to the management of XpressGas. Prior to starting XpressGas, Mr Nketsia-Tabiri founded Patient Capital Partners, an energy project development and investment advisory firm that has undertaken several modern energy related projects for international organizations such as the World Bank, Triodos, African Development Bank, United Nations Environmental Programme, etc.

Kofi was the inaugural head of the business innovations unit in Africa at E+Co, the pioneering organization that funded over 250 clean energy investments in emerging markets before its restructuring in 2012. In 2017, Kofi was recruited as an Investment Consultant for the Africa Renewable Energy Scale Up Facility (ARESUF), under the auspices of Micro-Energy International and PROPARCO.


Partnership with IPAE 2

With support from I&P, XpressGas aims to:

•— Consolidate and cement its position in the B2B market

•— Accelerate the launch of the B2C cylinder recirculation model (CRM)

•— Improve health and safety standards


Expected Impacts

⇒— A company at the forefront in increasing LPG availability and access to consumers especially those in the rural areas who continue to suffer from Household Air Pollution (HAP)

Context: It is estimated that about 18% of households in Ghana use LPG as their primary source of cooking. The remaining 72% of households mostly depend on firewood and charcoal for cooking. Exposure to household air pollution is responsible for 16,600 deaths and the loss of 502,000 disability adjusted life-years annually.

⇒— LPG emits lower greenhouse gas emissions than alternatives, CO2 emissions are relatively low. Greenhouse gases are reduced by 5-16 times per prepared meal compared to coal.

⇒— Creation of over 300 direct and indirect jobs over the investment period with specialized training provided to staff

⇒— Contribution towards the development and structuring of the cylinder recirculation model in Ghana to create a safer environment for LPG distribution


In portfolio since: 2021

Portfolio Manager

About Investisseurs & Partenaires

Investisseurs & Partenaires (I&P) is an impact investment group exclusively focused on Africa SMEs. Since 2002, I&P has financed and supported approximately 150 entrepreneurs in 16 countries in sub-Saharan Africa, including Senegal, Mauritania, Mali, Benin, Niger, Burkina Faso, Ivory Coast, Cameroon, Madagascar, etc. (see our website: www.ietp.com/en).


New Crystal

Sector of activity: Health
Status: Investissement en capital
Associed fund: IPAE 2
Entrepreneur: Dr. Wisdom Amegbletor
Employees: 400
Country: Ghana
A propos:


New Crystal Health Services (NCHS) is Ghana’s leading private health care group dedicated to the urban poor. From its modest beginnings in a four-bedroom facility in 2003, New Crystal now serves an average of 300,000 customers per year through a chain of six networked clinics, a diagnostic services company and a pharmaceutical wholesale and retail company. NCHS provides general consulting services in health care, surgery, optics, dental care and other diversified health services.



Dr. Wisdom Amegbletor is a medical doctor and an entrepreneur. After completing University of Ghana Medical School in 1999, he completed his mandatory housemanship and then decided to work at Greenshield Clinic in Sefwi-Wiawso, a rural town in the Western region of Ghana. During his Greenshield experience, the founder of the clinic entrusted Dr. Wisdom with overall management responsibility, which helped him to later birth the idea of New Crystal in 2003. He holds an MBA from the University of Ghana Business School in Entrepreneurial Management. Dr. Wisdom has been the primary driver of New Crystal’s growth to date.


Watch an interview with the promoter, Dr. Wisdom Amegbletor



I&P’s investment in New Crystal aims to:

• Upgrade the infrastructure of the New Crystal network of clinics to enable the continued provision of affordable, more quality health care to underserved communities

• Strenghten governance practices and organizational structure to support the sustainability of the business



• Access to affordable and quality health care

• Provision of free health care to all the staff of the clinics

• Financing of certifications and regular training of the staff

• Improved waste management methods

• Possibility of supplying solar energy to clinics




In portfolio since: 2020

PEG Africa

Sector of activity: Energy
Status: Investissement en capital
Associed fund: IPAE 1
Entrepreneur: Hugh Whalan et Nate Heller
Employees: 179
Country: Ghana
A propos:

PEG Africa is a young company which aims to bring off-grid solar energy access to rural and peri-urban communities in West Africa by providing pay-as-you-go (PAYG) solar home systems to rural and remote customers. The company has started its activities in Ghana.


The model of the company is based on the combination of technical, distribution, and financial innovations:

  • Technical innovation: the product itself is a small solar kit allowing the client to light a few bulbs, recharge a phone, and listen to the radio. It is connected with the PEG management information system through mobile technology allowing the company to monitor remotely a number of items.  
  • Distribution: the company is setting distribution points with dedicated sales teams around the country.
  • Financial innovation: this is probably the most important innovation. The client is paying its solar system as he uses it through mobile money payment of a few Euros per month. If he doesn’t pay and recharge credit, the system is blocked and not usable by the client. After one year of payments, the client owns the product.

PEG has secured a licensing partnership with M-KOPA, the leading company in PAYG solar technology in Africa. M-KOPA has successfully deployed its products and methodology to more than 200,000 households in East Africa.


The entrepreneurs

Hugh Whalan, the CEO, has focused on energy and financing in West Africa for the last 6 years. He started the first crowd-funding site for energy, and a fast growing solar distribution company in Ghana, which he sold to a NY-based investor. Prior to his work in Africa, he was the director of business development for the largest US based carbon project developer.

Nate Heller, the Chief Operating Officer, has over 13 years of experience in international development, including stints with the UN, the Peace Corps, and multiple social enterprises. He spent 6 of those years building innovative distribution channels for poor consumers in West Africa.


Partnership with I&P

I&P committed alongside PEG to:

• Finance and support the company’s expansion drive in Ghana and the sub-region

• Help structure the business in its early stages and institute appropriate corporate governance

• Facilitate debt and grant capital fundraising for the company to meet its target objectives


Expected Impact

• Connect over 500,000 remote and rural households in West Africa to solar power within 5 years

• Create significant financial inclusion by making off-grid households into a knowable and attractive customer proposition

• Reduce carbon emissions by replacing traditional kerosene use with a cleaner source of power

• Grow local employment by partnering with large local sales teams to drive growth over multiple regions


In portfolio since: 2015

Eden Tree

Sector of activity: Agriculture
Status: Investissement en capital
Associed fund: IPAE 1
Entrepreneur: Catherine Krobo-Edusei
Employees: 69
Country: Ghana
A propos:

For over 15 years, Eden Tree Limited has been the leading independent provider of fresh fruits, vegetables and herbs in Ghana.

The company buys fresh produce, cleans, packs and distributes it to retail, wholesale, and catering clients. Eden Tree currently supplies a variety of over 80 vegetables and fruits from over 375 outgrower farming families. 


The Entrepreneur

Catherine Krobo Edusei started Eden Tree in 1997 on her return to Ghana from the UK, where she worked as an administrator in a bank for 7 years. She has since demonstrated a strong passion and track record for growing the enterprise and engaging external funding and capacity-building to support business expansion. She is nationally recognized in Ghana as a strong promoter of women in business and received the 2013 national award from the Chartered Institute of Marketing in Ghana for “outstanding contribution towards nation-building”. 


Partnership with I&P

I&P committed alongside Eden Tree to:

• Increase the company's total sales volume and profitability 

• Grow and diversify its set of customers and channel partners 

• Increase reliability, cost-competitiveness and quality raw material supply 


Expected Impacts

• Increase its output from 1 to 4 tons per day to supply underserved markets 

• Directly impacting the lives of 2,000 family members in rural communities 

• Contribute to food safety and quality

• Respond to increasing incidence of agro-chemical abuse by farmers 

• Ensure that smallholders undertake their activities safely and sustainably 


In portfolio since: 2015

Voltacars Rental Services

Sector of activity: Service
Status: Investissement en capital
Associed fund: IPAE 1
Entrepreneur: Thomas Crand, Pierrick Morier, Franck Laurore
Employees: 35
Country: Ghana
A propos:

Voltacars Rental Services (VRS) is a long-term rental and servicing company based in Ghana.

Created in 2003 by two French entrepreneurs, Pierrick Morier and Thomas Crand, VRS goes with a fleet of 87 vehicles as a highly-competitive partner for international firms (Total, Alcatel…). Today, the company aims at becoming the top corporate car rental in Ghana.




Voltacars is managed by Franck Laurore (General Director of VRS Africa), Francesco Ramella, (General Director of VRS Ghana), Jérémy Fabre (VRS Sénégal) and Ranya Bouchib (VRS Côte d’Ivoire)

The founders of the company, Pierrick Morier and Thomas Crand, are both members of the Board of Directors.



I&P committed alongside VRS

• To structure the management, financial and strategic team of the company

• To finance and accompany their expansion towards abroad markets



• Creation of local standards within a nascent market

• Development of a green cars offer

• Pollution control policy (waste oil recycled)

• Improvement of employees’ social conditions thanks to a healthcare system





In portfolio since: 2014