Bank of Ghana Revokes Zeepay’s Electronic Money Issuer Licence Over Regulatory Breaches
According to the central bank, Zeepay repeatedly failed to meet key regulatory requirements designed to safeguard customers and ensure the stability of Ghana's payment ecosystem.
The Bank of Ghana (BoG) has revoked the Dedicated Electronic Money Issuer (DEMI) Licence of Zeepay Ghana Ltd, effective July 14, 2026, citing multiple regulatory breaches and the company’s persistent failure to comply with regulatory directives and the terms of its licence. The decision was announced in a public notice issued under Section 13 of the Payment Systems and Services Act, 2019 (Act 987).
According to the central bank, Zeepay repeatedly failed to meet key regulatory requirements designed to safeguard customers and ensure the stability of Ghana’s payment ecosystem. BoG stated that the company’s non-compliance was detrimental to the interests of users and other payment service providers.
Among the violations highlighted 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 payment system to financial risk. The Bank said the company failed to rectify the shortfall despite regulatory intervention.
The central bank also disclosed that Zeepay ignored directives requiring it to inject sufficient funds to fully back the 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 concluded that 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 regulator advised affected Zeepay wallet holders, including agents and merchants, to contact the company’s support team for assistance regarding their accounts and balances.
