Embattled Ghanaian fintech guru and CEO of Zeepay Ghana Limited, Andrew Takyi-Appiah,
has been ordered by a Ghanaian High Court to pay one Michael Yusuf a judgment debt of
approximately GH₵125.37 million.
The ruling by the Commercial Division of the High Court ordered Zeepay Ghana Limited and its
CEO to jointly pay the sum exceeding US$11.6 million to Mr. Yusuf, the complainant.
According to reports gathered by LifeBuzzHQ on Nkonkonsa.com, the enforcement comes after
funds allegedly entrusted to the company for onward transfer were not delivered.
The report went on to indicate that Mr. Takyi-Appiah and Zeepay, cited as the defendants, failed
to put up a solid defence to the suit brought against the fintech company and its CEO.
The court is said to have held the Zeepay CEO liable, citing that the popular pay app was equally
liable in the suit brought against it. This stance of the court was contrary to Zeepay’s lawyers'
assertion that any liability should rest solely with the company.
The court, however, noted that it found evidence suggesting that a portion of the funds had been
transferred into the CEO's personal mobile money wallet rather than the company's corporate
Accounts. In a video sighted by LifeBuzzHQ, officials of the Commercial Division of the High Court and
members of the Ghana Police Service were seen raiding an edifice believed to belong to the
Zeepay CEO with the intention of swiftly carrying out the court’s orders.
The video showed security personnel standing guard as pick-ups moved into the magnificent
building, with what looked like an attempt to confiscate property and assets owned by the fintech
boss in hopes of recouping all the 125.37 million Ghanaian cedis owed to Mr. Yusuf.
Despite this novel ruling, the fintech company, together with its lawyers, has indicated that an
appeal is being readied.
The company also took the opportunity to assure its clients and stakeholders that some of the reports going around on social media were all conjecture and held no merit in reference to the company’s stance.
Zeepay is one of Ghana’s leading fintech companies, priding itself as a frontrunner in online payment systems and solutions. The company boasts of thousands of users in Ghana and beyond. By Edwin Oko Lamptey
