A fintech company used by Barbadians and foreign nationals to transfer money has shut down its operations on the island, following an enforcement action by the Central Bank of Barbados.

Zeemoney (Barbados) Limited, which had four locations across the island, was first forced to pause its business after the Central Bank suspended its licence from May 5 until June 4. According to the bank, which regulates financial institutions, its supervision team was concerned with Zeemoney’s financial condition, governance, regulatory compliance and operational continuity.

The Central Bank’s enforcement order prevented the money transfer company, headed by Ghanaian businessman Andrew Takyi-Appiah, from conducting money or value transmission business. At the end of the suspension period, Zeemoney was required to “correct identified deficiencies”.