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' and merchants' electronic money balances. The company also failed to implement instructions to wind down its electronic money issuance business.
The revocation of Zeepay's DEMI Licence is based on multiple regulatory breaches and its persistent failure to comply with regulatory directives and the terms and conditions of its DEMI Licence," the Bank of Ghana said.
It added that Zeepay's continued use of its licence constituted "a threat to the stability of the payment system."
The central bank has advised all affected Zeepay wallet holders, including agents and merchants, to contact its complaints office for assistance through its dedicated support channels.
The Bank of Ghana reaffirmed its commitment to safeguarding financial stability, protecting consumers and preserving the integrity of Ghana's national payment system.
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