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СпутникиРНSpaceXРоскосмосNASAZeepay emerged about 12 years ago with the core objective of narrowing the gap in cross-border payments and reducing high remittance fees, which were, on average, 10-15% of the principal amount sent, Forbes reported in 2024. When it began operations, the indigenous African brand, founded in Ghana, focused on partnering with remittance service providers that...
Zeepay emerged about 12 years ago with the core objective of narrowing the gap in cross-border payments and reducing high remittance fees, which were, on average, 10-15% of the principal amount sent, Forbes reported in 2024.
When it began operations, the indigenous African brand, founded in Ghana, focused on partnering with remittance service providers that would allow them to make payments directly into digital assets, including bank accounts, mobile money wallets, and prepaid or debit cards. At the same time, it created market avenues for various money transfer operators throughout the value chain, such as corridor specialists, industry disruptors, and traditional service providers, the business magazine added.
In 10 years, the brand had processed more than $6.7 billion worth of transactions in volume, and, as of September 2024, was looking to expand its operations with the hope of becoming the largest mobile money operator in Africa by geography and, later, by volume.
As of that same period, the cross-border fintech giant brand had mobile money licenses and approvals in six countries: Ghana, The Gambia, Zambia, Côte d’Ivoire, Sierra Leone, and Barbados in the Caribbean. Zeepay’s presence extended to over 20 markets on the continent, where it specialized in remittance termination.
It was working to expand into the U.S., Canada and Europe. Forbes reported at the time that the company was also positioned to expand its market share in Africa and elevate its balance sheet from $58 million to $80 million.
About two years down the line, Zeepay Ghana seems to be in a messy situation as it has lost its licence to issue electronic money. On Tuesday, July 14, the Bank of Ghana (BoG) revoked the Dedicated Electronic Money Issuer (DEMI) Licence of Zeepay Ghana Limited with immediate effect, basing it on multiple regulatory breaches and persistent failure to comply with regulatory directives.
The central bank said in a public notice that the revocation was due to Zeepay’s non-compliance with the terms and conditions of its DEMI Licence, which had become detrimental to the interests of users and providers in the payment service ecosystem.
Specifically, Zeepay issued electronic money without maintaining corresponding cash backing, resulting in a negative variance, and failed to rectify the associated risk exposure to customers and the payment system, the bank said.
It added that the company also failed to comply with directives from the Bank of Ghana 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 notice stated, adding that affected Zeepay wallet holders, including agents and merchants, should reach out to the Bank of Ghana’s support team.
The company is already facing legal battles, including a winding-up petition filed by a creditor over an alleged unpaid debt of US$1.223 million. The petitioner argues that Zeepay has failed to meet its repayment commitments; thus, it is not capable of settling its debts as they become due, reported Citi Newsroom.
The case is still before the Court of Appeal, with the outlet reporting that separate enforcement measures linked to the litigation have led to the confiscation of assets belonging to the company’s founder and CEO, Andrew Takyi-Appiah.
Before the Bank of Ghana’s latest regulatory action against the company, it fined the company and suspended its foreign exchange licence for failing to apply the average interbank exchange rate published by the Bank of Ghana. The central bank later lifted that suspension.
Zeepay’s Barbadian subsidiary, Zeemoney, also had its licence suspended by the Central Bank of Barbados and later applied for voluntary liquidation.
It is unknown if the current regulatory measure by the Bank of Ghana will affect Zeepay’s foreign exchange earnings, but what is certain is that the company can no longer function as a licensed electronic money issuer.
Additionally, the continued operation of other parts of the business, including card, ATM, and bank account services, subscription payments, payment services, international airtime, refugee payment solutions, and digital token solutions for international money transfer operators, remains uncertain, as it depends on Zeepay’s remaining licences, the resolution of ongoing court cases, and any subsequent regulatory actions, the outlet stated.
On July 15, a day after the central bank revoked the company’s DEMI license, the headquarters of Zeepay Ghana was closed, with security personnel stationed at the entrance.
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