Bank of Ghana Revokes Zeepay Licence Over Regulatory Breaches, Cites Risks to Customers and Payment System
The Bank of Ghana (BoG) has revoked the Dedicated Electronic Money Issuer (DEMI) licence of Zeepay Ghana Ltd, bringing an immediate end to the company’s electronic money issuance business after finding what it described as serious and persistent regulatory breaches that posed risks to customers and the country’s payment ecosystem.
The central bank said the decision, which took effect on July 14, 2026, was taken under Section 13 of the Payment Systems and Services Act, 2019 (Act 987), following repeated non-compliance with regulatory directives and breaches of the conditions attached to the company’s licence.
According to the BoG, its investigations established that Zeepay had issued electronic money without maintaining the required cash backing, creating a negative variance that exposed customers, agents, merchants and the wider payment system to financial risk.
The regulator also said the company failed to comply with directives requiring it to inject sufficient funds to fully back all electronic money balances held on behalf of customers, agents and merchants. It further failed to carry out instructions to wind down its electronic money issuance business.
The central bank concluded that Zeepay’s continued operation under its DEMI licence had become a threat to the stability of Ghana’s payment system, making the revocation necessary to safeguard the integrity of the country’s fast-growing digital financial services sector.
The decision represents one of the most significant regulatory actions in Ghana’s electronic payments industry in recent years and underscores the Bank of Ghana’s determination to ensure that licensed electronic money issuers maintain adequate customer funds and comply fully with prudential and operational requirements.
The action is also expected to reinforce confidence in Ghana’s digital payments ecosystem at a time when mobile money and electronic financial services continue to play an increasingly important role in the country’s economy.
The Bank of Ghana has advised all affected Zeepay wallet holders, including agents and merchants, to contact its complaints office through the dedicated telephone line and email address established to provide assistance and address customer concerns.
The central bank reaffirmed its commitment to protecting consumers, preserving financial stability and maintaining the integrity of Ghana’s national payment system.
