The Bank of Ghana (BoG) has revoked the Dedicated Electronic Money Issuer (DEMI) licence of Zeepay Ghana Limited over what it describes as serious regulatory breaches and the company’s failure to comply with directives issued by the central bank.
In a statement issued on Tuesday, July 14, the BoG said the revocation takes immediate effect and is in accordance with Section 13 of the Payment Systems and Services Act, 2019 (Act 987).
According to the central bank, Zeepay issued electronic money without maintaining the required corresponding cash backing, creating a negative variance that exposed customers and the country’s payment system to potential financial risks.
The BoG further disclosed that despite repeated directives to inject sufficient funds to fully back the electronic money balances of customers, agents and merchants, the company failed to take the necessary corrective action.
The regulator also accused Zeepay of failing to comply with instructions to wind down its electronic money issuance operations, warning that its continued operation under the DEMI licence posed a threat to the stability of Ghana’s payment ecosystem.
The Bank of Ghana has assured customers, agents and merchants using Zeepay’s wallet services that measures have been put in place to address their concerns following the licence revocation.
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