Zeepay Ghana, one of the country’s best-known fintech companies, might be fighting to stay open for business.
According to a report by Norvan Report, a creditor’s petition filed at the Commercial Division of the High Court in Accra is asking the court to wind up the company, seize its assets, and distribute the proceeds to those it owes money. If granted, this move could effectively end the company’s operations in Ghana.
The petition was filed by Obsidian Achernar Ltd, a financial services firm based in North Dzorwulu, Accra, that is licensed by the Bank of Ghana.
The two companies had previously been linked through investment circles — Obsidian Achernar’s chief executive publicly celebrated Zeepay’s growth as recently as 2021. Now, Obsidian Achernar is in court demanding $1.22 million it says Zeepay still owes under a foreign exchange and working capital agreement.
How the Debt Accumulated
The roots of the dispute trace to June 2024, when the two companies signed a Foreign Exchange Agreement under which Obsidian Achernar agreed to provide forex services and working capital support to Zeepay.
According to the petition, Zeepay accumulated a total obligation of $2,446,500 and GHS 567,085.72 under the arrangement.
The debt broke down into four components: $1,621,500 in foreign exchange transactions, $825,000 in working capital support, GHS 64,823.72 as a residual on a short-term credit line, and GHS 502,262 in excess cedi transfers made into Zeepay’s account.
Obsidian Achernar says it issued multiple default notices to Zeepay in August 2024 and that Zeepay acknowledged the debt but did not pay.
Its lawyers, TEMPLARS, followed up in September 2024 with a settlement proposal and a deadline of October 4, 2024 — which Zeepay reportedly missed.
A Deal That Fell Apart
The case came close to settlement in early 2025. In March, Zeepay’s Managing Director, Andrew Takyi-Appiah, wrote to Obsidian Achernar proposing to clear the debt in two equal instalments: the first $1,223,250 to be paid no later than March 31, 2025, and the second, along with GHS 546,000, no later than April 30, 2025.
Obsidian Achernar accepted the proposal, according to the petition, and held off on legal action in good faith. Zeepay made the first dollar payment around March 2025. It also eventually paid the cedi component — GHS 567,085.72 — on or about June 30, 2025.
But the second dollar payment of $1,223,250, which fell due on April 30, 2025, never arrived. An email from Takyi-Appiah in May 2025 addressed the cedi portion, the petition alleges, but made no mention of the outstanding dollar balance.
Obsidian Achernar sent a follow-up demand on June 24, 2025. Zeepay did not respond.
The Legal Endgame
The matter escalated to a formal legal threat in early 2026. Obsidian Achernar’s lawyers served Zeepay with a statutory demand on February 16, 2026, requiring payment within seven days. That deadline passed on February 23, with no payment made.
The petition, brought under Ghana’s Corporate Insolvency and Restructuring Act, 2020 (Act 1015), as amended by Act 1031, now asks the court to declare Zeepay insolvent, appoint a liquidator, and distribute its assets.
Obsidian Achernar argues that Zeepay’s selective payment pattern — clearing one tranche but not the other — demonstrates financial distress and an inability to meet its obligations as they fall due.
“It is now more than twelve months since the second payment was due,” the petition states.
What Is at Stake
Zeepay operates across more than 23 markets and has raised $24 million in equity and $18 million in debt since its founding. It is one of Ghana’s few homegrown fintechs with meaningful continental reach, enabling diaspora remittances directly to mobile wallets and bank accounts across Africa.
A winding-up order would put that entire operation in jeopardy.
The case also raises uncomfortable questions about the financial health of Ghana’s fintech sector more broadly. Zeepay had already faced regulatory action in 2023, when the Bank of Ghana suspended its forex licence for two weeks over violations of the Foreign Exchange Act. That dispute was resolved. This one is still live — and considerably more consequential.
Neither Zeepay nor its Managing Director had made public statements in response to the petition at the time of publication.
Tech Labari emailed Zeepay and Obsidian Achernar for comment on this story. We did not receive a response from Obsidian Achernar at the time of publication.
Zeepay acknowledged our email and stated they would share an official response. We’ll update our article when we receive their comment.
