Barbados Central Bank Suspends Zeemoney License Over Compliance Concerns
What happened
The Central Bank of Barbados suspended the license of Zeemoney, a mobile wallet and remittance service that operated in Barbados since 2022. This action followed scrutiny by the Financial Services Commission. The suspension, initially set from May 5 to June 4 this year, stemmed from concerns over Zeemoney's financial condition, governance, operational continuity, and regulatory compliance. The closure is noted as being similar to the shutdown of the parent company Zeepay in Ghana.
From nationnews.com
Why it matters
The suspension highlights regulatory concerns regarding financial stability and compliance within the digital finance sector in Barbados. The Central Bank of Barbados stated that its monitoring system allowed for early detection, and the investigation into Zeemoney remains active and is currently at the court stage.
From nationnews.com
Who's involved
- Central Bank of BarbadosCentral Bank of Barbados, which suspended the company's license.
- Financial Services CommissionFinancial Services Commission, which conducted the scrutiny leading to the suspension.
- BarbadosBarbados, the jurisdiction where Zeemoney operated.
- GhanaGhana, the country where Zeemoney's parent company is based.
Keep exploring
The entities involved
-
Barbados
island nation in the Caribbean
-
Central Bank of Barbados
central bank of Barbados
Nothing else this week.
-
Financial Services Commission
Department of Government in Jamaica
Nothing else this week.