Zeepay responds to BoG's revocation of DEMI licence

Zeepay Ghana Limited has assured customers and stakeholders of its commitment to ensuring an orderly and transparent process following the revocation of its Dedicated Electronic Money Issuer (DEMI) licence by the Bank of Ghana (BoG).

In a statement released on Wednesday, July 15, 2026, the company said it is working closely with the central bank and other relevant stakeholders to manage the situation responsibly.

“Zeepay Ghana Limited is working closely with the regulator and all relevant stakeholders to ensure an orderly, transparent and responsible approach following the revocation of the company’s Dedicated Electronic Money Issuer Licence (Mobile Money Wallets),” the company stated.

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The remittance and digital financial services provider acknowledged concerns among customers, employees, agents, merchants and partners, and expressed appreciation for their patience and cooperation during the period.

Zeepay said it remains committed to maintaining open communication and providing verified updates through its official channels as more information becomes available.

The Bank of Ghana recently revoked Zeepay Ghana Limited’s DEMI licence, which authorised the company to operate mobile money wallet services, citing multiple regulatory breaches and the company’s failure to comply with regulatory directives and the terms and conditions of its 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 central bank said.

The BoG added that Zeepay’s conduct had become “detrimental to the interest of users and providers in the payment service ecosystem.”

The regulator outlined two major areas of non-compliance, including the issuance of electronic money without maintaining corresponding cash backing, which resulted in a negative variance and increased risks to customers and the wider payment system.

The central bank further stated that Zeepay failed to comply with directives requiring the company to inject sufficient funds to fully back customers’ e-money balances and to wind down its e-money issuance operations.

According to the BoG, Zeepay’s continued operation under its DEMI licence posed a significant risk to the stability of Ghana’s payment 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 has advised affected Zeepay wallet holders, including agents and merchants, to contact the company’s support team for assistance.

DR/MA