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 persistent non-compliance with directives.
The decision, announced in a public notice on Monday, July 14, was made pursuant to Section 13 of the Payment Systems and Services Act, 2019 (Act 987).
According to the central bank, Zeepay repeatedly failed to comply with the terms and conditions governing its licence, posing a risk to customers and the country’s payment ecosystem.
BoG said investigations revealed that the company issued electronic money without maintaining the required cash backing, resulting in a negative variance and exposing customers and the payment system to financial risk.
The central bank further disclosed that Zeepay failed to comply with directives to inject sufficient funds to fully back the electronic money balances of customers, agents and merchants, as well as instructions to wind down its electronic money issuance business.
“The continuous use of its DEMI licence constitutes a threat to the stability of the payment system,” the Bank of Ghana stated.
The central bank has advised all affected Zeepay wallet holders, including agents and merchants, to contact its support team for assistance through telephone number 0593974486 or via email at Complaints.office@bog.gov.gh.
The Bank of Ghana reiterated its commitment to safeguarding financial stability, protecting consumers and preserving the integrity of Ghana’s national payment system.
