Bank of Ghana Revokes Zeepay’s E-Money Licence Amidst Grave Regulatory Breaches
The Bank of Ghana (BoG) has decisively revoked the Dedicated Electronic Money Issuer (DEMI) Licence of Zeepay Ghana Ltd, effective immediately. This stringent action stems from a pattern of multiple regulatory breaches and persistent non-compliance with central bank directives, signalling a robust stance on maintaining the integrity of Ghana’s financial ecosystem.
The central bank’s public notice, issued on Monday, July 14, 2026, detailed that the revocation was executed under Section 13 of the Payment Systems and Services Act, 2019 (Act 987). Investigations by the BoG revealed that Zeepay repeatedly contravened the stipulated terms and conditions of its licence, thereby creating significant risks for its customers and the broader payment system.
A critical finding by the Bank of Ghana was Zeepay’s failure to maintain the requisite cash backing for the electronic money it issued. This resulted in a substantial negative variance, exposing both customers and the payment system to considerable financial jeopardy. Furthermore, the company neglected to comply with explicit directives to inject sufficient capital to fully back customer, agent, and merchant electronic money balances. It also failed to adhere to instructions mandating the winding down of its electronic money issuance operations.
The Bank of Ghana underscored the gravity of the situation, stating, “The continuous use of its DEMI licence constitutes a threat to the stability of the payment system.” This declaration highlights the central bank’s commitment to proactive risk management and the safeguarding of financial stability.
Affected Zeepay wallet holders, including agents and merchants, are advised by the Bank of Ghana to seek assistance by contacting the central bank’s support team. Contact can be made via telephone at 0593974486 or through email at Complaints.office@bog.gov.gh. The Bank of Ghana reiterated its unwavering commitment to protecting consumers, preserving the integrity of Ghana’s national payment system, and ensuring overall financial stability. This action serves as a stark reminder to all licensed entities of the paramount importance of regulatory adherence and robust financial management.
