The Bank of Ghana (BoG) has revoked the Dedicated Electronic Money Issuer (DEMI) licence of Zeepay Ghana Limited with immediate effect, citing multiple regulatory breaches and the company’s failure to comply with directives aimed at protecting customers and maintaining the stability of Ghana’s payment system.
The Bank of Ghana has announced the revocation of Zeepay Ghana Limited’s DEMI licence effective Tuesday, July 14, 2026, in accordance with Section 13 of the Payment Systems and Services Act, 2019 (Act 987).
According to the central bank, the decision follows Zeepay’s persistent failure to comply with regulatory requirements, directives issued by the bank, and the terms and conditions governing its electronic money licence.
The BoG said the company’s non-compliance posed risks to users, service providers and the wider payment ecosystem.
One of the key breaches cited by the regulator was Zeepay’s issuance of electronic money without maintaining the required corresponding cash backing, resulting in a negative variance and exposure to customers and the payment system.
The Bank of Ghana further stated that Zeepay failed to take corrective measures despite directives requiring the company to inject sufficient funds to fully back customers’ electronic money balances, including those held by agents and merchants.
The company was also directed to wind down its electronic money issuance business, but the BoG said Zeepay continued to operate under its DEMI licence.
“Zeepay’s continuous use of its DEMI licence constitutes a threat to the stability of the payment system,” the Bank of Ghana stated.
The central bank assured the public that it remains committed to safeguarding financial stability, protecting consumers and ensuring the integrity of Ghana’s national payment infrastructure.
The BoG advised affected Zeepay wallet holders, including agents and merchants, to contact its support team for assistance and further information.
Customers can reach the Bank of Ghana through 0593974486 or via email at Complaints.office@bog.gov.gh.
The revocation adds to the Bank of Ghana’s continued regulatory actions aimed at ensuring that payment service providers operate within the required financial, operational and consumer protection frameworks.
