Bank of Ghana revokes Zeepay's 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, citing multiple regulatory breaches and persistent non-compliance with directives issued by the central bank.

In a notice issued on Tuesday, July 14, 2026, the BoG said the decision was taken pursuant to Section 13 of the Payment Systems and Services Act, 2019 (Act 987).

According to the central bank, the revocation followed Zeepay's repeated failure to comply with regulatory requirements and the terms and conditions governing its DEMI licence.

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"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 statement said.

The Bank of Ghana added that Zeepay's conduct had become "detrimental to the interest of users and providers in the payment service ecosystem."

The BoG outlined two major areas of non-compliance.

It said Zeepay had "issued electronic money without maintaining corresponding cash backing, resulting in a negative variance" and failed to address the resulting risk exposure to customers and the broader payment system.

The central bank also stated that the company failed to comply with directives ordering it to "inject sufficient funds to fully back the e-money balances of customers, agents and merchants" and to "wind-down its e-money issuance business."

According to the BoG, Zeepay's continued operation under its DEMI licence posed a significant risk to the country's financial system.

"Zeepay's continuous use of its DEMI licence constitutes a threat to the stability of the payment system," the statement said.

The Bank of Ghana advised affected Zeepay wallet holders, including agents and merchants, to contact the company's support team for assistance.

Meanwhile, the Bank of Ghana reaffirmed its commitment to maintaining confidence in the country's financial sector.



MA