Zeepay Ghana Limited Wound Up by High Court After Bank of Ghana License Revocation
- The High Court granted a petition filed by the Registrar of Companies to wind up Zeepay Ghana Limited
- The winding up follows a summary judgment ordering Zeepay and its CEO to pay over USD 11.6 million to a customer
- The Bank of Ghana had earlier revoked the fintech company's operating licence ahead of the court petition
Ghana's High Court has ordered the winding up of Zeepay Ghana Limited, appointing the Registrar of Companies as liquidator to oversee the disposal of the company's assets and settlement of its outstanding liabilities under the Corporate Insolvency and Restructuring Act, 2020 (Act 1015), as amended.
The ruling was delivered by His Lordship Justice Samuel Faraday Johnson, following a petition submitted by the Registrar of Companies on 16 July 2026 under section 84 of Act 1015.
Source: Facebook
The winding-up order did not arise in isolation. It follows a prior summary judgment issued against Zeepay Ghana Limited and its Chief Executive Officer, Andrew Takyi-Appiah, directing the company to pay in excess of USD 11.6 million to Michael Yusuf, described as a customer of the company.
The Law Platform also reported that Bank of Ghana had also separately moved against the fintech firm, revoking its operating licence before the Registrar of Companies filed the winding-up petition.
The combination of the central bank's regulatory action and the unpaid court judgment formed the basis for the liquidation proceedings.
Liquidation Process Under Act 1015
With the court's appointment confirmed, the Registrar of Companies now assumes responsibility for liquidating Zeepay's assets in an orderly manner.
Proceeds from that process will be applied towards settling the company's liabilities, in line with the provisions of the Corporate Insolvency and Restructuring Act.
Zeepay Ghana Limited had operated as a fintech company offering mobile money and cross-border remittance services within Ghana's digital finance sector.
Why the Bank of Ghana pulled Zeepay's licence
The Bank of Ghana announced the revocation of Zeepay's DEMI licence on Tuesday, July 14, citing multiple regulatory breaches under Section 13 of the Payment Systems and Services Act, 2019 (Act 987).
The central bank in a statement said Zeepay had been issuing electronic money without maintaining the corresponding cash reserves required to fully back customers' e-money balances.
The firm also allegedly failed to comply with directives to inject adequate funds to cover those balances and to wind down its e-money issuance operations.
The Bank of Ghana further warned that allowing Zeepay to continue operating under its DEMI licence would have posed a direct threat to the stability of Ghana's national payment system.
Wallet holders, agents, and merchants affected by the licence withdrawal have been advised to reach out to the Bank of Ghana's support team, as the regulator works to protect customers and preserve the integrity of the country's payment ecosystem.
Zeepay CEO Andrew Takyi-Appiah's home raided
The revocation of Zeepay Ghana Limited’s licence comes a few weeks after officers of the Ghana Police Service raided the residence of CEO Andrew Takyi-Appiah.
A YEN.com.gh report indicated that the raid followed a Commercial Division ruling ordering him to pay a customer more than $11.6 million.
The High Court held Takyi-Appiah personally liable after evidence showed company funds were allegedly deposited directly into his personal mobile money wallet.
A video of Ghana police officers storming the residence of Andrew Takyi-Appiah sparked mixed reactions on social media.
Source: YEN.com.gh
