BoG Revokes Zeepay Ghana’s Licence Over Regulatory Breaches
The Bank of Ghana (BoG) has revoked the Dedicated Electronic Money Issuer (DEMI) Licence of Zeepay Ghana Ltd, effective Tuesday, July 14, 2026.
According to the central bank, the decision was taken pursuant to Section 13 of the Payment Systems and Services Act, 2019 (Act 987), following multiple regulatory breaches and Zeepay’s persistent failure to comply with regulatory directives and the conditions of its licence.
The BoG said Zeepay’s non-compliance posed risks to users and providers within the payment service ecosystem and threatened the stability of the country’s payment system.
In a public notice signed by the Secretary to the Bank, Aimee Vyda Quashie, the central bank stated that Zeepay issued electronic money without maintaining corresponding cash backing, resulting in a negative variance and failure to address the associated risks to customers and the payment system.
The Bank further accused the company of failing to comply with directives to inject sufficient funds to fully back the electronic money balances of customers, agents and merchants.
Zeepay was also directed to wind down its electronic money issuance business, but the BoG said the company continued to use its DEMI licence despite the directives.
The central bank has therefore advised affected Zeepay wallet holders, including agents and merchants, to contact its support team for assistance.
The Bank of Ghana assured the public that it remains committed to maintaining financial stability, protecting consumers and safeguarding the integrity of Ghana’s national payment system.
