Bank of Ghana revokes Zeepay Ghana’s electronic money licence

The Bank of Ghana (BoG) has revoked the Dedicated Electronic Money Issuer (DEMI) Licence of Zeepay Ghana Ltd, effective Tuesday, July 14, 2026.

The central bank said the decision was taken under Section 13 of the Payment Systems and Services Act, 2019 (Act 987), following multiple regulatory breaches and Zeepay’s continued failure to comply with regulatory directives and the terms of its licence.

According to the Bank of Ghana, Zeepay issued electronic money without maintaining the required corresponding cash backing, resulting in a negative variance and failure to address the associated risks to customers and the payment system.

The BoG also said Zeepay failed to comply with directives to inject sufficient funds to fully back customer, agent, and merchant e-money balances, as well as wind down its e-money issuance business.

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The central bank stated that Zeepay’s continued use of the DEMI licence posed a threat to the stability of Ghana’s payment system.

Affected Zeepay wallet holders, including agents and merchants, have been advised to contact the Bank of Ghana’s support team for assistance.

The Bank of Ghana reaffirmed its commitment to financial stability, consumer protection, and maintaining the integrity of the national payment system.