Bank of Ghana revokes Zeepay'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, effective Tuesday, July 14.

The central bank said the decision was taken following multiple regulatory breaches and the company's failure to comply with directives issued by the regulator.

In a notice issued on Tuesday, the Bank of Ghana said "the revocation of Zeepay's DEMI Licence is based on multiple regulatory breaches and its persistent failure to comply with regulatory directives and the terms and conditions of its DEMI Licence."

The regulator explained that Zeepay issued electronic money without maintaining corresponding cash backing, resulting in a negative variance and exposing customers and the payment system to risks.

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

The Bank of Ghana has advised affected Zeepay wallet holders, including agents and merchants, to contact its support team through the provided channels for assistance.