A quiet but high-stakes conflict has erupted in the Ghana fintech industry, one that pits local innovators against major banks in a battle over the hidden gears of the country’s digital payments system.
Bright Simons, Vice President of IMANI Africa, recently revealed that a legal standoff is unfolding between Zeepay, one of Ghana’s top financial technology firms, and its former banking partner, drawing attention to systemic weaknesses in the national payments infrastructure.
According to Simons, this affects how seamless and reliable digital transactions have become in the country.
“I bet, though, that you have never heard of this fight, and you probably couldn’t care less. But you should, you really should. Instant digital payments have made life so simple and convenient.
“The whole thing has become so seamless that we all completely take things for granted. But under the hood, there are many frantic tensions and complex frictions, and public policy needs to be up and doing else progress will stall.”
Bright Simons
However, the underlying framework powering Ghana fintech operations is far more complex—and fragile—than most consumers realize.
Simons explained that while payments appear instant to users, they are actually propped up by an intricate system of settlement processes, correspondent banking relationships, and trust mechanisms among intermediaries. If anything in this chain falters, the entire process can grind to a halt.
One of the leading players navigating this system is Zeepay, a homegrown fintech company that has raised approximately $24 million in venture capital and another $18 million in debt financing.
Zeepay specializes in services like digital remittance termination, enabling people abroad to send money directly into bank accounts or mobile wallets in Ghana. For such services to work, multiple institutions must interact quickly and securely—often across borders.
Simons pointed out the settlement dilemma: the sender and receiver of funds are likely dealing with different institutions in different countries, necessitating a network of intermediaries to verify, debit, and credit accounts.
“Sometimes, there is none, and thus, you need another intermediary to intermediate between the first set of intermediaries for the settlement to work.”
Bright Simons
Ghana Fintech Faces Infrastructure Shortcomings
At the heart of Ghana’s payments architecture is GhIPPS—the Ghana Interbank Payment and Settlement Systems—a state-owned platform that connects banks and fintechs for transaction processing.
Fintechs like Zeepay are required to operate through a licensed banking partner to ensure liquidity and regulatory compliance, including anti-money laundering protocols.
For years, Zeepay worked through such a partner, bringing in foreign currency, converting it to cedis, and crediting users instantly. But the smooth frontend masked deeper financial imbalances.
As Bright Simons described it, although users saw quick deposits, backend settlements required multiple steps, often taking days.
To accelerate this process, banking partners had to post funds on behalf of fintechs like Zeepay to GhIPPS in advance, enabling instantaneous crediting.
However, this required fintechs to regularly reimburse banks to clear liabilities. Over time, Zeepay struggled with liquidity challenges across its ecosystem, leading to delayed settlements.
“In the end, during one such cycle, liabilities accrued to a whopping 150 million Ghana Cedis. The banking partner pulled the plug.”
Bright Simons
Zeepay, despite the rupture, allegedly found a workaround to keep transactions flowing, though not without consequences.
Simons added that at least one major remittance originator began experiencing settlement delays with the company. The issue has now escalated to the courts under suit number CM/BFS/0146/2025.
At the center of this dispute lies not just commercial liability, but also questions about the effectiveness of GhIPPS in safeguarding the system.
Simons criticized the national payments operator for lacking technological mechanisms that could prevent the buildup of such large liabilities.
“Such a braking system is primarily technological and exists in many RTGS and Instant Pay settlement schemes around the world. The GhIPPS platform is behind.”
Bright Simons
This raised broader policy questions: Are banking partners still essential to fintech operations in Ghana? Can GhIPPS clarify its role and regulations to ensure fairness and consistency?
Simons emphasized that while some fintechs must comply with stringent banking partner rules, others appear to bypass them using e-value collateral, creating perceptions of regulatory inconsistency.
Moreover, Ghana fintech companies are caught in the crossfire of delayed regulatory reform.
Simons questioned why GhIPPS has not aligned its operations with the now-expired 2024 National Payments System Strategic Plan, especially concerning adopting modern practices like the EU’s TARGET interlinking framework and currency risk management measures.
In his closing remarks, Simons warned against simplistic solutions such as blockchain as a cure-all.
“This is a misdiagnosis of the issue,” he said, pointing out that blockchain does not address the pressing need for liquidity and risk management in large-scale payment systems.
While technology has a role to play, Simons maintained that the real challenge remains institutional. “GhIPPS needs to be held to account, simple,” Simons asserted.
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