BoG Revokes Zeepay Ghana’s Electronic Money Licence Over Regulatory Breaches

The Bank of Ghana (BoG) has revoked the Dedicated Electronic Money Issuer (DEMI) licence of Zeepay Ghana Ltd with immediate effect, citing persistent regulatory breaches and failure to comply with directives issued by the central bank.

In a public notice dated July 14, 2026, the BoG said the action was taken under Section 13 of the Payment Systems and Services Act, 2019 (Act 987), following multiple violations of the terms and conditions governing Zeepay’s licence.

According to the central bank, Zeepay issued electronic money without maintaining the required cash backing, resulting in a negative variance and exposing customers and the payment system to financial risk.

The BoG further stated that the company failed to comply with regulatory directives requiring it to inject sufficient funds to fully back the e-money balances of customers, agents and merchants, as well as wind down its electronic money issuance business.

The central bank warned that Zeepay’s continued operation under its DEMI licence posed a threat to the stability of Ghana’s payment system, necessitating the revocation.

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

The BoG reaffirmed its commitment to safeguarding financial stability, protecting consumers, and maintaining the integrity of the country’s national payment system.