ZEEPAY IN TROUBLE: Court Orders Zeepay and CEO Andrew Takyi-Appiah to Pay Michael Yusuf Over $11.6 Million in Failed Fund Transfer Case
The Commercial Division of the High Court has ordered fintech company Zeepay Ghana Limited and its Chief Executive Officer, Andrew Takyi-Appiah, to jointly pay businessman Michael Yusuf more than US$11.6 million, €8,500, and GH¢1.4 million after finding that funds entrusted to the company for onward transfer were never delivered to the intended beneficiaries. The ruling followed a summary judgment application after the court concluded that the defendants failed to present a credible defence against the claims.
According to the court, evidence presented by the plaintiff, including transaction records and correspondence between the parties, showed that the funds had been received by Zeepay for transfer but the transactions were not completed. Justice Afi Agbanu Kudomor ruled that the evidence overwhelmingly supported the plaintiff’s case and that there was no need for a full trial because the defendants had failed to raise any triable issues.
The court also rejected an attempt by Andrew Takyi-Appiah to be removed from the lawsuit. The judge held that documents before the court indicated that a substantial portion of the disputed funds had been deposited into the CEO’s personal mobile money wallet, making him a proper party to the case. In addition to the monetary award, the court ordered that interest should accrue on the sums until full payment is made and awarded GH¢500,000 in legal costs to Michael Yusuf.
The case, Michael Yusuf v. Zeepay Ghana Ltd & Another, has attracted significant attention within Ghana’s financial technology sector, raising questions about fund management and corporate governance. Neither Zeepay nor its CEO had publicly responded to the court’s ruling at the time the judgment was widely reported.
