Bank of Ghana Cancels Zeepay’s E-Money Licence Over Regulatory Violations

The Bank of Ghana has withdrawn the Dedicated Electronic Money Issuer [DEMI] licence of Zeepay Ghana Limited, effective immediately, over multiple breaches of financial regulations.[BoG]

In a statement issued on Tuesday, July 14, the central bank said the action was taken under Section 13 of the Payment Systems and Services Act, 2019 [Act 987].

According to the BoG, Zeepay issued electronic money without holding the required cash backing. This created a shortfall that put customers and the broader payments system at risk.

The regulator noted that despite being ordered to inject enough funds to fully cover balances held by customers, agents and merchants, Zeepay failed to comply.

The Bank also said Zeepay ignored directives to shut down its e-money operations. The BoG added that allowing the company to continue operating with a DEMI licence would pose a threat to the stability of the payment system.

To support those affected, the Bank of Ghana said channels have been set up for Zeepay wallet holders, agents and merchants to get help following the revocation.

Customers and other stakeholders needing assistance can contact the BoG support team on *0593 974 486*.