- Zeepay Faces Imminent Closure Over US$1.22m Debt
Zeepay Ghana Ltd, one of Ghana’s prominent financial technology companies, is facing a creditor’s petition at the Commercial Division of the High Court in Accra seeking its official winding up over an alleged unpaid debt of US$1,223,250.
The petition was filed by Obsidian Achernar Ltd, which describes itself as a company incorporated under the laws of Ghana, with its registered office at North Dzorwulu, Accra.
According to the court document, the case has been brought under the Corporate Insolvency and Restructuring Act, 2020 (Act 1015), as amended by Act 1031. The petition asks the court to wind up Zeepay Ghana Ltd, appoint a liquidator, take control of the company’s assets and distribute proceeds to creditors.
At the heart of the matter is an alleged debt arising from a foreign exchange agreement and working capital support arrangement between Obsidian Achernar and Zeepay.
The petitioner claims that on or about June 4, 2024, both parties entered into a Foreign Exchange Agreement, under which Obsidian Achernar agreed to provide foreign exchange services and working capital support to Zeepay.
The document states that Zeepay’s principal business is “financial technology services, including mobile money transfer services and foreign exchange transactions.”
Obsidian Achernar claims that under the agreement and related transactions, Zeepay became indebted to it in the aggregate sum of US$2,446,500 and GHS 567,085.72.
The alleged debt, according to the petition, comprised US$1,621,500 in respect of foreign exchange transactions, US$825,000 in working capital support, GHS 64,823.72 as a residual amount on a short-term credit line, and GHS 502,262 as outstanding payment in respect of excess cedi transfers made into Zeepay’s account.
Obsidian Achernar alleges that Zeepay acknowledged the debt but failed to pay after several notices of default.
“By various verbal and written notices of default, including those of 7 August 2024 and 14 August 2024, the Petitioner notified the Debtor of its default under the Agreement and demanded payment of the outstanding sums,” the petition states.
“The Debtor acknowledged the debt but failed to pay,” it adds.
The court document further says Obsidian Achernar’s solicitors, TEMPLARS, wrote to Zeepay on September 30, 2024, with a settlement proposal offering alternative payment timelines for the full satisfaction of the debt. Zeepay, the petitioner alleges, did not respond to the proposal by the October 4, 2024 deadline.
The dispute appeared to move closer to settlement in March 2025.
According to the petition, Zeepay wrote to Obsidian Achernar on or about March 7, 2025, proposing to pay the outstanding debt in two instalments.
The first payment of US$1,223,250 was to be made immediately upon receipt of funding, but no later than March 31, 2025. The second and final payment of another US$1,223,250, together with a cedi payment of GHS 546,000, was to be made no later than April 30, 2025.
Obsidian Achernar says it accepted that proposal “in good faith and in the spirit of amicable resolution,” thereby foregoing its immediate right to commence legal proceedings.
The petitioner says Zeepay made the first instalment payment of US$1,223,250 around March 2025, which it argues amounted to an acknowledgement of the debt.
It further claims Zeepay paid GHS 567,085.72 on or about June 30, 2025, thereby settling the cedi component of the obligation.
But the creditor alleges that Zeepay has failed to settle the second dollar payment.
“Despite its payment obligations under the settlement agreement, the Debtor has failed and refused to make the second and final payment of the USD component in the amount of USD 1,223,250.00, which fell due on 30 April 2025,” the petition states.
The petition also cites an alleged email communication dated May 7, 2025, in which Zeepay’s Managing Director, Andrew Takyi-Appiah, is said to have promised to clear the cedi component before the end of May 2025.
Obsidian Achernar argues that while Zeepay eventually paid the cedi component on June 30, 2025, it made no mention of the outstanding dollar component and took no steps to settle it.
The petitioner says it sent a follow-up email on June 24, 2025, demanding payment of the outstanding US$1,223,250, but Zeepay allegedly failed to respond or make any payment.
The matter escalated further in February 2026, when Obsidian Achernar’s solicitors served Zeepay with a final letter before action and statutory demand.
According to the petition, the statutory demand, dated February 16, 2026, required Zeepay to pay the outstanding debt within seven days, failing which legal proceedings, including winding-up proceedings, would be commenced.
The petitioner says the deadline expired on February 23, 2026, with no payment.
“It is now more than twelve months since the second payment was due,” the document states. “The Debtor’s selective payment pattern demonstrates financial distress and an inability to pay all debts.”
On that basis, Obsidian Achernar argues that Zeepay is unable to pay its debts as they fall due within the meaning of the Corporate Insolvency and Restructuring Act.
The petitioner is asking the court for an order that Zeepay Ghana Ltd be wound up, that a suitable person be appointed as liquidator, and that the liquidator take custody and control of all assets, property and undertakings of the company.
It also wants the liquidator to realise the assets of Zeepay and distribute proceeds to Obsidian Achernar and other creditors.
The petition, signed by Richard Mensah, Deputy Chief Executive Officer of Obsidian Achernar Ltd, is dated May 29, 2026. The court endorsement on the final page indicates that the matter was issued by the court in early June 2026 and is expected to be heard at the High Court Commercial Division in Accra.
The claims remain allegations contained in a court petition. Zeepay Ghana has not, in the document reviewed, filed its response to the petition.
The case is likely to draw attention across Ghana’s fintech and remittance industry, where Zeepay has become a recognised name in mobile money, remittances and digital financial services.
Beyond the immediate dispute, the petition raises a larger question for the sector: how should fast-growing fintech companies manage liquidity, foreign exchange exposure and counterparty obligations in a market where confidence is everything?
For now, the matter rests with the court.
But the petition has already placed Zeepay under legal and reputational scrutiny, with the central issue being whether the alleged unpaid debt is enough to justify one of the most serious remedies available under corporate insolvency law — the winding up of a company.
