A Barbados-based fintech firm that facilitated cross-border money transfers for both local residents and international users has permanently closed its doors on the island, in the wake of regulatory enforcement action from the Central Bank of Barbados.
Zeemoney (Barbados) Limited, which operated four retail locations across the country, first saw its activities halted in early May, when the central financial regulator suspended its operating license for a 30-day period running from May 5 to June 4. The regulator, which oversees all licensed financial service providers in Barbados, confirmed that its supervisory division had raised significant red flags across four key areas of the fintech’s operations: its overall financial health, corporate governance structures, adherence to local regulatory requirements, and long-term operational continuity.
The enforcement order issued by the bank banned the company, which is led by Ghanaian fintech entrepreneur Andrew Takyi-Appiah, from offering any form of money or value transmission services. Takyi-Appiah, who previously held roles at global giants including PwC and Nestlé, founded Zeepay in 2015, which has grown into one of Africa’s largest cross-border mobile money and remittance platforms. The Barbadian Zeemoney venture marked part of Zeepay’s broader regional expansion push into the Caribbean market.
Prior to its closure, Zeemoney Barbados offered a full suite of digital financial services, covering international remittances, mobile money transfers, digital wallet solutions, general payment processing, and final settlement of transfers into local bank accounts, debit cards, and personal mobile wallets.
When the regulator first announced the license suspension, it noted that the action came after a comprehensive supervisory review that uncovered ongoing issues that had substantially worsened its concerns around the fintech’s financial standing, governance, ability to continue operating, and regulatory compliance. Under the terms of the suspension, Zeemoney was ordered to fix all confirmed deficiencies within the 30-day timeline, per Section 50 (1)(a) of Barbados’ financial regulatory legislation. The bank warned at the time that failure to address the issues would trigger additional supervisory action.
Contrary to expectations that the firm would work to resolve its compliance issues, however, the company announced via its official website on Friday that it had formally requested approval from the Central Bank of Barbados to voluntarily wind down all of its operations in the jurisdiction. In its statement, the fintech pledged to collaborate fully with the regulator to ensure an orderly wind-down process, and confirmed that customers would receive formal guidance on accessing their remaining funds in the near future.
At the time of closure, Zeemoney was headquartered at the Dome Mall in the Warrens business district, with additional branch locations in Speightstown (St Peter), Hastings (Christ Church), and the Sheraton Mall Annex, also located in Christ Church.