The Digital Chamber of Ghana has thrown its support behind the Bank of Ghana’s decision to revoke the Dedicated Electronic Money Issuer (DEMI) licence of Zeepay Ghana Ltd, assuring the public that the action is specific to one institution and does not undermine the strength or stability of Ghana’s digital payments ecosystem.
The Digital Chamber of Ghana has expressed confidence in Ghana’s digital finance sector following the Bank of Ghana’s revocation of the Dedicated Electronic Money Issuer (DEMI) licence of Zeepay Ghana Ltd.
In a statement issued after the central bank’s announcement, the Chamber said it respects the Bank of Ghana’s statutory mandate to safeguard the integrity, stability and soundness of the country’s payment system while protecting consumers.
The Chamber acknowledged Zeepay as a valued member that has made significant contributions to advancing digital payments, financial inclusion and cross-border remittances in Ghana and across Africa.
Despite recognising the company’s achievements, the Digital Chamber stressed that it respects the authority of the Bank of Ghana to take regulatory action where necessary under the law.
“The Digital Chamber recognises the Bank of Ghana’s statutory mandate to safeguard the integrity, stability and soundness of the country’s payment system while ensuring the protection of consumers,” the statement said.
The Chamber disclosed that it has been working closely with the Bank of Ghana throughout the regulatory process and remains actively engaged with the central bank and its member institutions to manage the situation responsibly.
According to the Chamber, the immediate priority is to protect affected customers, agents and merchants while ensuring minimal disruption to the digital payments ecosystem.
It therefore urged all affected Zeepay customers, agents and merchants to remain calm and follow the guidance issued by the Bank of Ghana through the official support channels established to resolve complaints.
The Chamber further emphasised that the revocation of Zeepay’s licence should not be interpreted as a sign of weakness within Ghana’s broader digital payments industry.
It noted that the country’s digital finance sector remains supported by a robust regulatory framework and a diverse network of licensed payment service providers committed to compliance, innovation and responsible financial services.
“The regulatory action relates to a specific institution and should not be interpreted as a reflection of the resilience of Ghana’s broader digital payments ecosystem,” the statement added.
The Digital Chamber reaffirmed its commitment to working collaboratively with the Bank of Ghana, industry players and other stakeholders to strengthen governance, enhance consumer confidence and support the continued growth of Ghana’s digital economy.
The Bank of Ghana on Monday revoked Zeepay’s DEMI licence, citing multiple regulatory breaches, including the issuance of electronic money without adequate cash backing and the company’s failure to comply with directives to restore customer funds and wind down its electronic money issuance business.
The central bank said the continued operation of Zeepay under its licence posed a threat to the stability of Ghana’s payment system.
