Accra High Court Reverses Zeepay Liquidation Orders, Rules Registrar of Companies' Action Unlawful

• The Accra High Court reversed July 17 orders placing Zeepay under liquidation after finding the Office of the Registrar of Companies acted unlawfully
• The ruling came weeks after the Bank of Ghana revoked Zeepay Ghana's electronic money licence over multiple regulatory breaches
• The BoG's action followed a police raid on the home of Zeepay CEO Andrew Takyi-Appiah over a court-ordered $11.6 million payment

The Accra High Court has overturned orders that had placed Zeepay Ghana Limited into liquidation, with the court finding that the Office of the Registrar of Companies acted outside the bounds of the law when it initiated the process.

Kwesi Fynn, legal counsel for Zeepay confirmed the development in an interview with The 1957 News following the reversal of the July 17 orders.

The ruling comes amid a turbulent period for the fintech company, which has faced a series of regulatory and legal blows in quick succession.

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Why BoG revoked Zeepay's operating licence

Weeks before the liquidation orders were issued, the Bank of Ghana revoked Zeepay Ghana Limited's Dedicated Electronic Money Issuer licence on July 14, 2026.

It cited multiple regulatory breaches and non-compliance with directives issued under Section 13 of the Payment Systems and Services Act, 2019 (Act 987).

The central bank stated that Zeepay had been issuing electronic money without maintaining the required cash reserves, creating a negative variance that left customers, agents and merchants exposed to financial risk.

The BoG had previously directed the company to inject sufficient funds to fully back all outstanding e-money balances and to wind down its e-money issuance operations, instructions Zeepay did not comply with.

The regulator warned that Zeepay's continued operation under the DEMI licence posed a threat to the broader stability of Ghana's payment ecosystem.

Wallet holders, agents and merchants were advised to contact the Bank of Ghana's support team for assistance.

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CEO's home raided before licence revocation

YEN.com.gh previously reported that the licence revocation had followed a Ghana Police Service raid on the home of Zeepay Chief Executive Officer Andrew Takyi-Appiah.

The raid had been linked to a ruling by the Commercial Division of the High Court that ordered him to pay a customer more than $11.6 million.

The court had held Takyi-Appiah personally liable for the amount after evidence before it showed that company funds had allegedly been deposited directly into his personal mobile money wallet.

Source: YEN.com.gh