The Central Bank of Barbados has seized management and control of Zeemoney (Barbados) Limited, citing concerns over the company’s financial position and business practices.
The action took effect today under Section 59 of the Financial Institutions Act, Cap. 324A.
According to a notice issued by the Central Bank, the move was taken to protect Zeemoney’s creditors, amid concerns that the company is unlikely to meet its financial obligations.
The Bank also said Zeemoney had not maintained high standards of financial probity or was not following sound business practices.
As a result, the powers of Zeemoney’s directors, officers and management to manage or deal with the company’s business, affairs or assets have been suspended and vested in the Central Bank and persons authorised by it.
The company’s licensed business, including all money or value transmission services, remains suspended.
The Central Bank said it intends to apply to the High Court for the compulsory winding-up of Zeemoney.
Customers and creditors have been advised to retain records relating to their accounts, transactions and claims. The Bank said it will provide further information on the process for verifying balances and submitting claims as the resolution process continues.
“No person should make any new payment to Zeemoney or act on any payment or refund instruction unless expressed by the Central Bank of Barbados,” the release said.
The Bank suspended Zeemoney’s licence from May 25 to June 4 this year and the company subsequently shut down operations. It was a subsidiary of Zeepay, which was founded by Ghanaian businessman Andrew Takyi-Appiah in 2015. It started operations in Barbados in 2022.
The High Court in Ghana recently seized his home after ordering him to pay a settlement of US $11.6 million. The fintech company offered remittance services, mobile money, digital transfers and wallet and payment services.