How Ghana’s Fintech Darling Lost Its Licence—And Trust—In A Matter Of Days
Bank of Ghana officials and police officers were seen at the headquarters of Ghanaian fintech, Zeepay, on Tuesday, a day after the central bank revoked the fintech firm’s electronic money licence in a dramatic escalation of one of the country’s most high-profile fintech collapses.
The Bank of Ghana announced on Tuesday that it had revoked Zeepay’s Dedicated Electronic Money Issuer (DEMI) licence with immediate effect, citing “multiple regulatory breaches” and the company’s “persistent failure to comply with regulatory directives”.
According to the central bank, Zeepay had issued electronic money without maintaining the required corresponding cash backing, creating a negative variance that exposed customers and the broader payment system to significant financial risk.
The company also failed to comply with directives to inject sufficient funds to fully back customer balances and to wind down its electronic money issuance business. The regulator said Zeepay’s continued operation under the licence constituted a threat to the stability of the national payment system.
The revocation is the culmination of a series of mounting legal and financial troubles for a company that had positioned itself as a leader in cross-border payments across more than 20 African markets. In April 2026, the Commercial Division of the High Court ordered Zeepay and its founder and CEO, Andrew Takyi-Appiah, to jointly pay over USD 11.6 M to a customer for failing to execute fund transfers.
The court held Takyi-Appiah personally liable after evidence showed a substantial portion of the disputed funds had been deposited directly into his personal mobile money wallet rather than solely in corporate accounts. Zeepay has publicly pushed back against media coverage, noting the matter is now before the Court of Appeal.
Founded in 2014, Zeepay grew into one of West Africa’s most recognised remittance brands, processing more than 10 million transactions worth over USD 3 B in 2023 alone and raising substantial funding, including last year’s USD 18 M debt facility while expanding across multiple markets. But behind the growth, governance failures were accumulating.
In February 2026, the company’s chief financial officer submitted a resignation letter so blistering that he copied it to the Economic and Organised Crime Office and the Bank of Ghana, citing “material weaknesses and abuse” in treasury operations. Auditors Ernst & Young withdrew from the 2024 audit, citing “serious concerns over the quality and reliability of information”.
Separately, creditor Obsidian Achernar Ltd has filed a winding-up petition against Zeepay over an alleged unpaid debt of USD 1.22 M. In Barbados, the central bank suspended the licence of Zeepay’s subsidiary, Zeemoney, and the subsidiary subsequently applied for voluntary liquidation. The Bank of Ghana had previously fined Zeepay and suspended its forex licence in 2023 over a separate breach.
The Bank of Ghana has advised affected Zeepay wallet holders, including agents and merchants, to contact its support team. Under the Payment Systems and Services Act, a payment service provider whose licence is revoked is required to arrange to pay customers all their electronic money held within ten days.
The Digital Chamber, an industry body representing licensed payment service providers, said the revocation relates to a single institution and should not be interpreted as a reflection of the overall strength of Ghana’s digital finance sector.
