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 persistent failure to comply with directives issued by the central bank.
In a public notice released on Tuesday, the Bank of Ghana stated that the decision was made under Section 13 of the Payment Systems and Services Act, 2019 (Act 987). The revocation follows findings that Zeepay issued electronic money without maintaining the required cash backing, exposing customers and the national payment system to financial risks.
The central bank further revealed that Zeepay failed to comply with directives to inject sufficient funds to fully back the electronic money balances of its customers, agents, and merchants. The company also ignored instructions to wind down its electronic money issuance business.
According to the Bank of Ghana, Zeepay’s continued operation under its DEMI licence posed a serious threat to the stability of the country’s payment system. The regulator reaffirmed its commitment to protecting consumers, maintaining financial stability, and ensuring the integrity of Ghana’s payment ecosystem.
The Bank advised all affected Zeepay wallet holders, including agents and merchants, to contact its support team through the provided telephone number and email address for assistance.
The notice was signed by the Secretary of the Bank, Aimee Vyda Quashie (Ms.), and took effect on July 14, 2026.
Ghana|Atinkaonline.com