The Bank of Ghana (BoG) has revoked Zeepay Ghana Limited’s Dedicated Electronic Money Issuer (DEMI) licence with immediate effect over persistent regulatory breaches.
The revocation, announced on Tuesday, was made under Section 13 of the Payment Systems and Services Act, 2019 (Act 987).
In a statement signed by Ms Aimee Vyda Quashie, Secretary to the BoG, the central bank said the decision followed repeated non-compliance with regulatory directives and the terms and conditions governing Zeepay’s DEMI licence.
The BoG said Zeepay issued electronic money without maintaining the required corresponding cash backing, resulting in a negative variance that exposed customers and Ghana’s payment system to significant risk.
It said the company also failed to comply with directives to inject sufficient funds to fully back the electronic money balances of customers, agents and merchants.
The BoG said Zeepay further failed to comply with a directive to wind down its electronic money issuance business despite repeated instructions.
“The continued use of the DEMI licence by Zeepay constitutes a threat to the stability of Ghana’s payment system,” the statement said.
The BoG advised all affected Zeepay wallet holders, including agents and merchants, to contact the company’s support team for assistance.
It said affected customers could call 0593974486 or email Complaints.office@bog.gov.gh for support regarding their wallets and balances.
The central bank assured the public of its commitment to safeguarding financial stability, protecting consumers and preserving the integrity of the national payment system.
Zeepay Ghana Limited has operated as an electronic money issuer in Ghana, providing digital payment and mobile money services to individuals, businesses and international remittance partners.
The Bank of Ghana said it would continue to enforce regulatory standards to ensure the safety, soundness and resilience of Ghana’s digital financial services sector.
