Zeepay Ghana Limited has officially entered liquidation after the Commercial Division of the High Court ordered the fintech company to be wound up, bringing an end to its corporate existence following months of regulatory action and financial difficulties.
The ruling, granted on an application by the Registrar of Companies, appoints the Registrar as the Official Liquidator to assume control of the company’s affairs, recover assets and oversee the settlement of claims by creditors.
The liquidation follows the Bank of Ghana’s decision earlier this month to revoke Zeepay’s Dedicated Electronic Money Issuer (DEMI) licence over regulatory breaches linked to inadequate cash backing for customer electronic money balances.
The central bank said its investigations found that the company had failed to maintain sufficient funds to match customers’ wallet balances despite repeated directives, exposing customers and the country’s payment system to financial risk.
The High Court’s decision means Zeepay will now undergo the formal insolvency process provided under the Corporate Insolvency and Restructuring Act, 2020 (Act 1013).
As part of that process, the Official Liquidator will take possession of the company’s assets, examine its financial records, invite creditors to submit claims and distribute any recoverable funds according to the priorities set out in law.
The order provides a legal framework for resolving claims but does not guarantee the immediate recovery of funds for customers whose money remains locked in Zeepay wallets.
The application for the winding-up order was filed by Jones Ansah, Head of the Insolvency Directorate at the Office of the Registrar of Companies, under provisions of the Corporate Insolvency and Restructuring Act that permit liquidation where a company is unable to pay its debts or where winding up is considered to be in the public interest.
The liquidation comes amid a series of legal and regulatory setbacks for the fintech company.
Earlier this year, the Commercial Division of the High Court ordered Zeepay founder and Chief Executive Officer Andrew Takyi-Appiah to pay a customer US$11.6 million, €8,500 and GH¢1.4 million, together with interest, over funds transferred into a mobile money wallet registered in his personal name.
The Court of Appeal subsequently dismissed an application seeking to halt enforcement of that judgment.
Meanwhile, the Economic and Organised Crime Office (EOCO) has launched separate investigations into Zeepay’s financial affairs, with some company accounts reportedly frozen as investigators examine transactions linked to the business.
The company’s challenges have also spread beyond Ghana.
In Barbados, the Central Bank suspended the operating licence of Zeemoney, an affiliate of the Zeepay group, while publicly available records in the United Kingdom indicate that entities linked to the group have faced regulatory and filing difficulties.
Legal analysts say the liquidation process could take several months as the Official Liquidator verifies claims, values assets and determines how available funds should be distributed among customers, employees, suppliers and other creditors.
The Zeepay case is expected to become one of Ghana’s most significant fintech insolvency proceedings and is likely to shape future discussions on corporate governance, financial management and regulatory compliance within the country’s digital financial services sector.
