A winding-up petition filed at the High Court in Accra has placed Ghanaian fintech company Zeepay Ghana Limited under legal and financial scrutiny, following allegations that it defaulted on a structured settlement agreement worth $1,223,250.
The petition, filed by Obsidian Achernar Ltd, seeks an order to wind up Zeepay under Ghana’s Corporate Insolvency and Restructuring Act, 2020 (Act 1015), as amended by Act 1031.
If granted, the court action would trigger liquidation proceedings, the appointment of a liquidator, and the distribution of Zeepay’s assets to creditors.
Dispute arises from FX and working capital agreement
Court filings indicate the case stems from a June 2024 foreign exchange and working capital agreement between both parties.
Under the arrangement, Obsidian Achernar provided liquidity and FX services to Zeepay in exchange for structured repayments.
The petition claims total exposure of $2,446,500 and GHS 567,085.72, covering FX transactions, working capital support, and related credit adjustments.
Obsidian Achernar alleges that Zeepay acknowledged the debt but subsequently defaulted on repayment obligations.
Settlement agreement later collapsed
The dispute escalated into formal settlement discussions in March 2025, when Zeepay, through its Co-Founder and Managing Director Andrew Takyi-Appiah, proposed a two-stage repayment plan.
The structure included:
- $1,223,250 due by March 31, 2025
- $1,223,250 plus GHS 546,000 due by April 30, 2025
Obsidian Achernar accepted the proposal and temporarily suspended legal proceedings.
Zeepay paid the first instalment but failed to meet the second payment deadline.
While the cedi component was later settled in June 2025, the outstanding $1,223,250 remains unpaid and forms the basis of the current petition.
A follow-up demand issued in June 2025 reportedly received no response.
Statutory demand preceded court action
In February 2026, Obsidian Achernar served a statutory demand requiring full payment within seven days.
The deadline expired on February 23, 2026, without payment or settlement.
The petition was subsequently filed under provisions of Ghana’s insolvency framework, which allows creditors to initiate winding-up proceedings where debts remain unpaid.
Petition seeks liquidation of company
The petition requests the High Court to:
- Declare Zeepay insolvent
- Appoint a liquidator
- Order distribution of assets to creditors
The creditor argues that partial repayment followed by prolonged default demonstrates an inability to meet financial obligations as they fall due.
Key case details
- Petitioner: Obsidian Achernar Ltd
- Respondent: Zeepay Ghana Limited
- Amount in dispute: $1,223,250
- Total exposure claimed: $2,446,500 + GHS 567,085.72
- Court: High Court (Commercial Division), Accra
- Legal counsel: TEMPLARS
- Statutory demand issued: February 16, 2026
- Deadline expired: February 23, 2026
- Legal basis: Corporate Insolvency and Restructuring Act, 2020 (Act 1015), as amended by Act 1031
Regulatory and financial pressure builds
The legal action adds to a series of regulatory and operational challenges facing Zeepay in recent years.
Bank of Ghana enforcement action (2023)
Bank of Ghana suspended Zeepay’s foreign exchange licence for 11 days in November 2023 for breaches of exchange rate conversion rules under the Foreign Exchange Act, 2006 (Act 723).
The suspension ran from November 27 to December 8, 2023.
Bank settlement dispute (2024–2025)
A tier-one Ghanaian bank reportedly cut ties with Zeepay after exposure to approximately GHC 150 million in unsettled remittance-related liabilities.
The exposure arose from liquidity timing gaps in cross-border settlement flows through Ghana’s GhIPSS infrastructure.
Barbados subsidiary closure (2026)
Central Bank of Barbados suspended the licence of Zeepay’s subsidiary, Zeemoney (Barbados) Limited, in May 2026, citing financial condition, governance, and compliance concerns.
The subsidiary later applied for voluntary winding-up instead of resuming operations.
About Zeepay
Zeepay Ghana Limited was founded in 2014 and began operations in 2016 under co-founder and Managing Director Andrew Takyi-Appiah.
The company operates a cross-border remittance and mobile money termination platform enabling diaspora payments into African bank accounts and mobile wallets.
It reports operations in more than 23 markets and partnerships with global money transfer operators.
Zeepay has raised more than $30 million in equity and debt financing from a mix of African and international investors.
What is at stake
If the court grants the petition, Zeepay could be placed into liquidation, triggering the appointment of a liquidator and potential cessation of operations in Ghana.
Given its cross-border structure, such an outcome could disrupt remittance flows across multiple African markets.
The case also highlights broader concerns around liquidity management, settlement discipline, and regulatory compliance in rapidly scaling fintech companies.
Timeline of key events
- June 2024: FX and working capital agreement signed
- August 2024: Default notices issued
- October 2024: Settlement deadline missed
- March 2025: Two-stage repayment plan agreed
- April 2025: Second instalment due; unpaid
- June 2025: Partial cedi settlement completed
- February 2026: Statutory demand issued
- June 2026: Barbados subsidiary enters voluntary winding-up
- June 8, 2026: Winding-up petition filed in Accra
Editorial note
This report is based on court filings, regulatory notices, verified corporate disclosures, and publicly available financial records. Neither Zeepay nor Obsidian Achernar responded to requests for comment prior to publication. 
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