A banking consultant, Dr Richmond Atuahene, has described the Bank of Ghana’s decision to revoke the licences of ZEE PAY as “better late than never,” arguing that regulators should have acted earlier to prevent alleged irregularities within the company.
Speaking in an interview with Adom News, Dr Atuahene said he raised concerns about alleged malpractices involving ZEE PAY as far back as 2003 but claimed that no regulatory action was taken at the time.
He said although the central bank’s decision is a step in the right direction, delayed regulatory interventions could weaken confidence in the financial sector and expose consumers to unnecessary risks.
Dr Atuahene called on regulators to adopt a more proactive approach in identifying and addressing emerging challenges within the banking and financial services industry.
According to him, timely regulatory action is essential to protecting consumers, strengthening enforcement and maintaining public trust in Ghana’s financial system.
Meanwhile, George Wiafe, Editor of the Joy Business and Financial Desk of Multimedia Group Limited, said the Bank of Ghana’s decision forms part of broader efforts to strengthen regulation and restore confidence in the financial sector.
Speaking separately to Adom News, Mr Wiafe explained that the revocation is aimed at sanitising the industry by promoting transparency, reliability and improved service delivery.
He noted that the Bank of Ghana took steps to minimise the impact on customers by informing ZEE PAY clients ahead of the revocation, providing details on where their funds had been transferred and guiding them on how to access their money.
Mr Wiafe added that the action sends a strong signal to financial institutions about the importance of complying with regulatory requirements and maintaining sound operational standards.
The Bank of Ghana’s revocation of ZEE PAY’s licences is expected to strengthen oversight as authorities continue efforts to promote financial stability, protect consumers and enhance confidence in Ghana’s financial sector.
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