Ghana Court Orders Zeepay CEO to Pay $11.6M for Unsent Customer Funds

Zeepay and its founder Andrew Takyi-Appiah have been ordered by Ghana’s Commercial High Court to pay over $11.6 million after failing to deliver customer funds. Justice Afi Agbanu Kudomor issued a summary judgment in favour of plaintiff Michael Yusuf, citing transaction records that showed funds landed in the CEO’s personal wallet. The ruling covers $11,585,753 plus €8,500 and GH₵1.4 million, along with interest and GH₵500,000 in legal costs. This follows Bank of Ghana’s suspension of Zeepay’s forex licence and a winding-up petition by creditor Obsidian Achernar Ltd over a separate $1.22 million debt. Meanwhile, Zeepay’s Barbadian arm, Zeemoney, chose voluntary liquidation after its licence was suspended. The case highlights deep governance gaps and sends a warning to fintech providers that mixing customer funds with personal accounts can have severe legal and reputational consequences.

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