Customers with concerns after the shutting down of the Ghana-based fintech company Zeemoney can contact the Central Bank of Barbados.
During the Review of Barbados’ Economy: January to September 2026 at the Courtney Blackman Grande Salle, Tom Adams Financial Centre, in Bridgetown yesterday, Central Bank Governor Dr The Most Honourable Kevin Greenidge and Deputy Governor Dr Alwyn Jordan responded to a question on the company which set up here in 2022.
They said the closing of ZeeMoney, a mobile wallet and remittance service with four locations in Barbados, was in line with other international occurrences, including the closing down of the parent company Zeepay in its homeland Ghana.
The wrap-up of the company is before the court after its licence to conduct business was suspended by the Central Bank initially from May 5 to June 4 this year, over concerns about its financial condition, governance, operational continuity and regulatory compliance.
Greenidge said the Bank monitored every company under its purview consistently and at this point it had no concerns about any other companies.
In relation to Zeemoney, he said its operations across the world were also wrapped up.
“Our early detection, monitoring system put us in a position to say we need to do something. I cannot give you details,” he told the media, adding that the investigation, though at the court stage, was still active.
However, he assured Barbadians that they were doing their best in relation to the company which was involved in remitting money to different jurisdictions.
Limited customers
The type of operations involved meant that there were limited customers, he added.
“Nonetheless, we want to make sure we go through the procedures, making sure wallet holders are protected, but we have to go through the judicial system,” the Governor said.
Jordan said the operation, though a small entity, went through all the necessary procedures, including falling under the scrutiny of the Financial Services Commission. Those affected, he went on, could email the Central Bank with any concerns or queries.
Zeemoney had been barred from conducting any money or value transmission business and at the end of the one-month suspension, the company was required to correct the identified deficiencies, but reportedly did not.
The ensuing Central Bank enforcement order cited “subsequent developments that have materially deepened the Bank’s concerns” before further steps were taken against the company.
Zeepay had received approval from the Central Bank to establish Zeemoney as its Caribbean headquarters and had projected that its operations would create around 10 000 jobs and energise the local fintech ecosystem. ( AC)