Zeepay Ghana, one of West Africa’s most prominent homegrown fintech operators, is confronting a severe twin crisis after the Bank of Ghana revoked its core electronic money licence and a creditor filed a court petition to wind up the company over an unpaid debt.
The central bank announced the immediate revocation of Zeepay’s Dedicated Electronic Money Issuer (DEMI) licence on Tuesday, citing “multiple regulatory breaches” and a persistent failure to comply with directives under the Payment Systems and Services Act, 2019 (Act 987).
In a notice to the public, the Bank stated that Zeepay had issued electronic money without maintaining corresponding cash backing, resulting in a “negative variance” that it failed to rectify. The regulator further noted that the company had defied orders to inject sufficient funds to fully back the e-money balances of customers, agents, and merchants, and to wind down its e-money issuance business. “Zeepay’s continuous use of its DEMI licence constitutes a threat to the stability of the payment system,” the Bank of Ghana said. The regulator advised affected wallet holders, agents, and merchants to contact its support team for resolution.
Separate legal battle over unpaid debt
The regulatory blow comes as Zeepay faces a simultaneous legal challenge in the High Court in Accra. Creditor Obsidian Achernar Ltd has filed a winding-up petition under Ghana’s Corporate Insolvency and Restructuring Act, seeking to appoint a liquidator to seize and distribute the fintech’s assets.
The dispute stems from a June 2024 foreign exchange and working capital agreement. According to court filings, Zeepay accumulated total obligations of approximately $2.45 million and GHS 567,085 from foreign exchange transactions, working capital support, and outstanding credit lines. After Obsidian Achernar issued multiple default notices in August 2024, a resolution appeared possible in March 2025 when Zeepay’s managing director, Andrew Takyi-Appiah, proposed a two-part settlement plan.
The creditor accepted the proposal in good faith. Zeepay subsequently made an initial payment of $1,223,250 and settled the full cedi component by June 2025. However, the second and final dollar instalment of $1,223,250, due on April 30, 2025, remained unpaid.
After a follow-up demand in June 2025 received no response, Obsidian Achernar escalated the dispute. In February 2026, the creditor’s lawyers served a statutory demand giving Zeepay seven days to clear the debt. With the deadline passing without payment, the creditor filed the winding-up petition, arguing that the company’s inability to settle the debt demonstrates financial distress and an incapacity to meet its obligations.
A rapid downfall
The dual actions bring into sharp focus the rapid decline of a company that was, only months earlier, celebrated for its fundraising successes. Zeepay, founded in 2014, built one of the continent’s most extensive remittance termination platforms, bridging international money transfer operators with mobile wallets across more than 20 markets in Africa and the Caribbean. It processed over 10 million transactions worth more than $3 billion in 2023.
In recent years, the company had attracted considerable international backing. It has raised more than $30 million in total funding, with an $18 million senior secured venture debt round confirmed in early 2025 to support working capital and float financing. Investors in previous equity rounds included Africa50, Oikocredit, Injaro, and I&P.
This financial backing, however, did not shield the company from regulatory scrutiny. In 2023, the Bank of Ghana had temporarily suspended Zeepay’s foreign exchange licence over operational breaches. The revocation of the DEMI licence and the current insolvency petition now threaten to dismantle its operations entirely.
The Bank of Ghana has directed all affected users to reach out to its complaints office. Zeepay and Mr. Takyi-Appiah have yet to issue a formal public response to either the regulator’s notice or the latest legal filings from Obsidian Achernar. The High Court’s decision on the winding-up petition will be closely watched as a bellwether for corporate governance and financial compliance within Ghana’s burgeoning fintech ecosystem.