Bank Of Ghana Revokes Zeepays License Over Regulatory Breaches

The Bank of Ghana (BoG) has revoked the Dedicated Electronic Money Issuer (DEMI) license of fintech company Zeepay Ghana Limited with immediate effect over what it described as multiple regulatory breaches and the company’s persistent failure to comply with regulatory directives.

In a public notice issued on Tuesday, July 14, 2026, the central bank said the decision was taken under Section 13 of the Payment Systems and Services Act, 2019 (Act 987), following Zeepay’s persistent failure to comply with regulatory directives and the conditions of its operating license.

According to BoG, investigations found that Zeepay issued electronic money without maintaining the required cash backing, creating a negative variance and exposing customers and the payment system to financial risk.

The central bank also stated that the company failed to comply with directives to inject sufficient funds to fully back the e-money balances of customers, agents, and merchants, as well as to wind down its e-money issuance business.

BoG said Zeepay’s continued operation under its DEMI license posed a threat to the stability of Ghana’s payment system, making the revocation necessary to protect consumers and maintain financial stability.

The bank has advised all affected Zeepay wallet holders, agents, and merchants to contact its support team for assistance.

The Bank of Ghana reaffirmed its commitment to protecting consumers, preserving financial stability, and safeguarding the integrity of the country’s national payment system.