The Bank of Ghana (BoG) has revoked the Dedicated Electronic Money Issuer (DEMI) Licence of Zeepay Ghana Ltd with immediate effect, citing multiple regulatory breaches and the company's persistent failure to comply with supervisory directives. The decision, announced in a public notice dated July 14, 2026, was taken under Section 13 of the Payment Systems and Services Act, 2019 (Act 987). According to the central bank, Zeepay repeatedly failed to comply with the terms and conditions of its licence, with its continued operations posing a risk to customers and the stability of Ghana's payment ecosystem. The BoG said investigations revealed that the company issued electronic money without maintaining the required cash backing, resulting in a negative variance that exposed customers and the payment system to financial risk. The regulator further disclosed that Zeepay failed to comply with directives requiring it to inject sufficient funds to fully back customers', agents'...
Understanding the gap between technological progress and everyday financial behavior Over the past decade, Ghana has made significant progress in digital finance. Mobile money usage has expanded rapidly, with transaction values rising from GH¢447.4 billion in February 2026 to GH¢493.2 billion in April 2026 according to the Bank of Ghana Payment Systems Statistics. Consumers can now complete payments with just a few taps on their phones through platforms provided by fintech companies, while many banks have introduced mobile banking applications to facilitate seamless and convenient transactions. On the surface, it appears that the economy is steadily transitioning toward digital payments. Yet across markets, shops, and everyday interactions, a different reality persists; cash continues to dominate. The Reality on the Ground From roadside sellers to small retail shops, cash remains the primary means of exchange. Even in environments where mobile money and other digital payment opti...