Omanghana
The Commercial Division of the Accra High Court has ordered the winding up of Zeepay Ghana Limited, appointing the Registrar of Companies as the fintech firm’s official liquidator.
Justice Samuel Faraday Johnson issued the order after granting a petition filed by the Registrar of Companies on July 16, 2026, under Section 84 of the Corporate Insolvency and Restructuring Act, 2020 (Act 1015), as amended.
Under the ruling, the liquidator will take control of Zeepay’s assets, assess its liabilities and oversee the orderly distribution of available funds in accordance with Ghana’s insolvency laws.
The decision follows an earlier summary judgment directing Zeepay and its chief executive officer, Andrew Takyi-Appiah, to pay more than $11.6 million to customer Michael Yusuf over a commercial dispute involving funds intended for international transfers.
The judgment reportedly included $11,585,753, €8,500, GH¢1.4 million and GH¢500,000 in legal costs. Zeepay and Takyi-Appiah subsequently appealed the decision, meaning the underlying commercial dispute remains subject to appellate review.
Court enforcement officers, accompanied by police personnel, later seized a residence linked to the CEO in early July. The action formed part of the civil enforcement process and did not constitute a criminal conviction.
Zeepay’s difficulties intensified when the Bank of Ghana revoked its Dedicated Electronic Money Issuer licensed with effect from July 14, 2026.
The central bank said the company had committed multiple regulatory breaches and repeatedly failed to comply with supervisory directives and the conditions attached to its license.
According to the regulator, Zeepay issued electronic money without maintaining the corresponding cash backing required to cover the balances of customers, merchants and agents. This allegedly created a negative variance that exposed users and the wider payment system to financial risk.
The Bank of Ghana further said the company failed to inject sufficient funds to correct the shortfall and did not comply with instructions to wind down its electronic-money issuance business. The regulator concluded that allowing Zeepay to continue operating under the license posed a threat to the safety and stability of Ghana’s payment system. Bank of Ghana notice
Following the liquidation order, the Registrar of Companies is expected to identify and secure Zeepay’s assets, verify claims submitted by creditors and distribute any available proceeds according to the priorities established under Act 1015.
Customers, wallet holders, merchants and agents with outstanding balances may be required to submit claims through procedures announced by the liquidator. The Bank of Ghana has also advised affected users to contact its complaints office for assistance.
The winding-up order does not necessarily guarantee that every creditor or customer will recover the full amount owed. Repayment will depend on the value of the assets realized, the company’s total liabilities and the statutory order in which claims must be settled.
The court’s decision brings Zeepay’s operations closer to a formal conclusion, although any pending appeal or subsequent court application could still affect aspects of the company’s legal and financial position.
Source: Omanghana
