The Bank of Ghana (BoG) has revoked the Dedicated Electronic Money Issuer (DEMI) licence of Zeepay Ghana Limited (Zeepay) with immediate effect.
The central bank announced that the decision, which took effect on Tuesday, 14 July 2026, was made in accordance with Section 13 of the Payment Systems and Services Act, 2019 (Act 987).
According to the regulator, the action became necessary following multiple regulatory infractions and Zeepay’s persistent failure to adhere to the terms and conditions of its licence.
In an official statement signed by the Secretary of the Bank, Aimee Vyda Quashie, the BoG explained that the payment platform had been operating without proper financial backing, posing a significant risk to the public.
“Zeepay issued electronic money without maintaining corresponding cash backing, resulting in a negative variance, and failed to rectify the associated risk exposure to customers and the payment system,” the statement read.
The regulator further revealed that the fintech company had defied explicit instructions to resolve its liquidity issues.
The central bank noted that Zeepay failed to comply with directives to “inject sufficient funds to fully back the e-money balances of customers, agents and merchants” and ignored orders to “wind-down its e-money issuance business”.
The BoG warned that Zeepay’s continued operations posed a direct threat to the stability of the country’s financial sector.
Meanwhile, the central bank has advised all affected Zeepay wallet holders, including agents and merchants, to contact its support team via telephone on 0593974486 or through email at Complaints.office@bog.gov.gh for assistance.
The regulatory body reiterated its commitment to ensuring financial stability, protecting consumers, and safeguarding the integrity of the national payment system.
By: Rainbowradioonline.com/Ghana