BoG strips Zeepay of licence, cites threat to payment system

The Bank of Ghana (BoG) has revoked the Dedicated Electronic Money Issuer (DEMI) licence of Zeepay Ghana Ltd, citing persistent regulatory breaches that it says pose a threat to the stability of the country’s payment system.

The central bank announced that the revocation took effect on Tuesday, July 14, 2026, under Section 13 of the Payment Systems and Services Act, 2019 (Act 987), following what it described as repeated non-compliance with regulatory directives.

According to the BoG, the decision was based on “multiple regulatory breaches and its persistent failure to comply with regulatory directives and the terms and conditions of its DEMI Licence.”

The notice further stated that “Zeepay’s continuous use of its DEMI licence constitutes a threat to the stability of the payment system.”

The Bank explained that Zeepay issued electronic money without maintaining the required cash backing, creating a negative variance that exposed customers and the broader payment ecosystem to risk.

It also said the company failed to comply with directives to inject sufficient funds to fully back electronic money balances held by customers, agents and merchants.

Additionally, the BoG said Zeepay disregarded instructions to wind down its electronic money issuance business.

The central bank noted that the company’s continued non-compliance was “detrimental to the interest of users and providers in the payment service ecosystem.”

Affected Zeepay wallet holders, including agents and merchants, have been advised to contact the Bank of Ghana’s support team through its designated telephone line and email address for assistance.

Reaffirming its commitment to safeguarding the financial sector, the BoG said “The Bank of Ghana remains committed to financial stability, consumer protection, and the integrity of the national payment system.”

The revocation effectively terminates Zeepay’s authority to operate as a Dedicated Electronic Money Issuer in Ghana and forms part of the central bank’s regulatory oversight aimed at protecting consumers and preserving confidence in the country’s digital payments ecosystem.