The Bank of Ghana (BoG) has revoked the Dedicated Electronic Money Issuer (DEMI) licence of Zeepay Ghana Ltd, effective 14 July 2026, citing multiple regulatory breaches and the company's persistent failure to comply with regulatory directives.

According to the central bank, Zeepay repeatedly failed to meet key regulatory requirements designed to protect customers and maintain the stability of Ghana's payment ecosystem. The decision was announced under Section 13 of the Payment Systems and Services Act, 2019 (Act 987).

Regulatory Breaches Prompt Licence Revocation

Among the violations cited by the regulator was Zeepay's issuance of electronic money without maintaining the required corresponding cash backing, resulting in a negative variance that exposed customers and the broader payment system to financial risk.

The Bank of Ghana stated that the company failed to rectify the shortfall despite regulatory intervention. It also disclosed that Zeepay ignored directives requiring it to inject sufficient funds to fully back electronic money balances held by customers, agents and merchants.

In addition, the company failed to comply with instructions to wind down its electronic money issuance business.

BoG Cites Risk to Payment System Stability

According to the central bank, Zeepay's continued operation under its DEMI licence posed a threat to the stability of Ghana's payment system, necessitating the immediate revocation of the licence.

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

The decision reflects the regulator's continued efforts to strengthen oversight of Ghana's digital payments sector while ensuring payment service providers operate in line with prudential requirements designed to protect consumers and maintain confidence in the country's financial ecosystem.