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 regulatory directives.
In a public notice issued on Tuesday, July 14, 2026, the central bank said the decision was taken under Section 13 of the Payment Systems and Services Act, 2019 (Act 987).
According to the Bank of Ghana, Zeepay repeatedly failed to meet the regulatory requirements governing its operations, posing significant risks to customers and the country’s payment ecosystem.
The central bank stated 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 BoG also said Zeepay failed to comply with directives requiring it to inject sufficient funds to fully back the electronic money balances of customers, agents, and merchants, as well as instructions to wind down its electronic money issuance business.
It noted that the continued operation of Zeepay under its DEMI licence constituted a threat to the stability of Ghana’s payment system, necessitating the revocation of the licence.
The Bank of Ghana has advised affected Zeepay wallet holders, including agents and merchants, to contact its support team through its dedicated telephone line and email address for assistance.
The central bank reaffirmed its commitment to safeguarding financial stability, protecting consumers, and maintaining the integrity of Ghana’s national payment system.
Source: www.kumasimail.com
