BoG revokes Zeepay licence over regulatory breaches

The Bank of Ghana (BoG) has revoked the Dedicated Electronic Money Issuer (DEMI) licence of Zeepay Ghana Ltd with immediate effect.

The BoG cited multiple regulatory breaches and the company’s persistent failure to comply with supervisory directives.

A public notice issued by the central bank yesterday and  signed by the Secretary to the Bank, Ms Aimee Vyda Quashie,  and copied to the Ghanaian Times,  said the decision, which took effect on July 14, 2026, was made under Section 13 of the Payment Systems and Services Act, 2019 (Act 987).

According to the BoG, the action followed repeated instances of non-compliance by Zeepay, which it said posed a threat to the stability of the country’s payment system and undermined the interests of users and service providers within the electronic payments ecosystem.

The central bank explained that investigations revealed that the company had issued electronic money without maintaining the required cash backing, creating a negative variance and exposing customers as well as the payment system to significant financial risk.

It further stated that despite several regulatory directives, Zeepay failed to inject sufficient funds to fully back the electronic money balances of customers, agents and merchants.

In addition, the company did not comply with instructions to wind down its electronic money issuance business, prompting the BoG to withdraw its operating licence.

“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 BoG stated.

It said stressed that the continued operation of the company under its DEMI licence constituted a threat to the safety and soundness of the national payment system.

To safeguard the interests of affected customers, the central bank advised all Zeepay wallet holders, including agents and merchants, to contact its support team for assistance.

Affected persons may seek support by calling 0593974486 or sending an email to Complaints.office@bog.gov.gh.

The BoG reaffirmed its commitment to maintaining financial stability, protecting consumers and preserving the integrity of Ghana’s payment systems.

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