Bank of Ghana Revokes Zeepay’s Licence Over Regulatory Breaches | News Feed

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

According to the central bank, Zeepay issued electronic money without maintaining the required cash backing, creating a negative variance that posed risks to customers and Ghana's payment ecosystem.

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

The regulator has advised affected wallet holders, agents, and merchants to contact its complaints channels for support, while reaffirming its commitment to protecting consumers and maintaining financial stability.

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