The Bank of Ghana (BoG) has revoked the Dedicated Electronic Money Issuer (DEMI) licence of Zeepay Ghana Limited, effective Tuesday, July 14, 2026.
In a notice issued to the public, the central bank said the decision was taken in accordance with Section 13 of the Payment Systems and Services Act, 2019 (Act 987), following multiple regulatory breaches and the company’s continued failure to comply with regulatory directives and the conditions of its licence.
The BoG said Zeepay’s non-compliance posed risks to users and service providers within the payment ecosystem, as well as the stability of the wider payment system.
According to the Bank, Zeepay issued electronic money without maintaining the required corresponding cash backing, resulting in a negative variance and exposing customers and the payment system to risks.
The central bank further stated that the company failed to comply with directives requiring it to inject sufficient funds to fully back electronic money balances held by customers, agents and merchants.
The BoG also said Zeepay did not adhere to instructions to wind down its electronic money issuance business, adding that the continued use of its DEMI licence constituted a threat to the stability of the payment system.
The Bank of Ghana has advised affected Zeepay wallet holders, including agents and merchants, to contact its support team for further assistance.
The revocation forms part of the central bank’s regulatory mandate to ensure compliance, protect users of payment services and maintain confidence in Ghana’s financial technology ecosystem.
