The Bank of Ghana (BoG) has revoked the Dedicated Electronic Money Issuer (DEMI) licence of Zeepay Ghana Ltd, citing multiple regulatory breaches and the company’s persistent failure to comply with directives issued by the central bank.
The revocation took effect on Tuesday, July 14, according to a notice issued by the Bank of Ghana.
The central bank said the decision followed repeated violations of regulatory requirements and non-compliance with the terms and conditions governing Zeepay’s DEMI 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 said in the statement.
According to the regulator, investigations revealed that Zeepay issued electronic money without maintaining the required corresponding cash backing, resulting in a negative variance that exposed customers and the country’s payment system to significant financial risks.
The Bank of Ghana also accused the company of failing to comply with regulatory directives requiring it to inject sufficient funds to fully back the electronic money balances held by customers, agents and merchants. The company also failed to wind down its electronic money issuance business as directed by the regulator.
The BoG stressed that maintaining adequate cash backing for electronic money is a critical safeguard designed to protect customer funds and ensure the stability and integrity of Ghana’s digital payment ecosystem.
Following the licence revocation, the central bank advised all affected Zeepay wallet holders, including customers, agents and merchants, to contact the company’s support team through its official communication channels for assistance regarding their balances and other related concerns.
The Bank of Ghana reaffirmed its commitment to enforcing regulatory standards across the financial sector, noting that licensed payment service providers are expected to operate in full compliance with applicable laws and prudential requirements to safeguard public confidence in the country’s electronic payment system.
