Zeemoney shuts shop after Central Bank suspension order

A fintech company used by Barbadians and foreign nationals to transfer money has shut down its operations on the island, following an enforcement action by the Central Bank of Barbados.

Zeemoney (Barbados) Limited, which had four locations across the island, was first forced to pause its business after the Central Bank suspended its licence from May 5 until June 4. According to the bank, which regulates financial institutions, its supervision team was concerned with Zeemoney’s financial condition, governance, regulatory compliance and operational continuity.

The Central Bank’s enforcement order prevented the money transfer company, headed by Ghanaian businessman Andrew Takyi-Appiah, from conducting money or value transmission business. At the end of the suspension period, Zeemoney was required to “correct identified deficiencies”.

Takyi-Appiah, who worked with several international companies including PwC and Nestle, is described as a Ghanaian fintech entrepreneur who founded Zeepay in 2015, one of Africa’s largest cross-border mobile money and remittance companies. Zeemoney appears to be part of the broader Zeepay business expansion into the Caribbean.

The money-transfer business was involved in international remittances, mobile money and digital transfers, wallet and payment services, as well as transfer termination into bank accounts, debit cards and mobile wallets.

In its initial suspension statement, the Central Bank said it took the action following “a supervisory review and subsequent developments that have materially deepened the bank’s concerns regarding the institution’s financial condition, governance, operational continuity and regulatory compliance.”

The Central Bank added: “Zeemoney has been directed to remediate all identified deficiencies within a specified timeline in accordance with Section 50 (1)(a) of the Act. Failure to do so may result in further supervisory action.”

However,on Friday, the company posted on its website that Zeemoney Barbados “applied to the Central Bank of Barbados for approval to voluntarily wind-up our operations”. The fintech company stated that it will work with the regulator to ensure that “the wind-up is done in an orderly manner and will inform customers how to access their funds in due course”.

Zeemoney was headquartered at the Dome Mall in Warrens with branches at Speightstown, St Peter; Hastings, Christ Church and Sheraton Mall Annex in the same parish.

(IMC)