The Bank of Ghana (BoG) has revoked the Dedicated Electronic Money Issuer (DEMI) licence of Zeepay Ghana Ltd with immediate effect, citing multiple regulatory breaches and persistent non-compliance with supervisory directives. The revocation took effect on July 14, 2026, according to an official notice issued by the central bank.
The BoG said the decision was taken under Section 13 of the Payment Systems and Services Act, 2019 (Act 987) after the company repeatedly failed to meet regulatory requirements and comply with conditions attached to its licence.
According to the regulator, Zeepay issued electronic money without maintaining the required cash backing, creating a negative variance and exposing customers and the wider payment ecosystem to risk. The central bank further stated that the company failed to address the identified risk exposure despite regulatory intervention.
The BoG also accused the company of disregarding directives requiring it to inject sufficient funds to fully back customer, agent and merchant e-money balances. In addition, Zeepay allegedly failed to comply with instructions to wind down its e-money issuance business.
“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 Bank of Ghana said in the notice. The regulator added that the company’s non-compliance was detrimental to users and other participants within Ghana’s payment services ecosystem.
The central bank warned that Zeepay’s continued operation under its DEMI licence posed a threat to the stability of the country’s payment system. The Bank of Ghana has advised affected Zeepay wallet holders, including agents and merchants, to contact its support team for assistance.
The latest action underscores the central bank’s increasingly stringent oversight of Ghana’s fast-growing digital payments sector, where electronic money issuers play a critical role in facilitating mobile money and other digital financial services.
The BoG said it remains committed to safeguarding financial stability, protecting consumers and preserving the integrity of the national payment system.
Source: businesspostonline
