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 issued by the central bank.
In a public notice issued on Tuesday, July 14, the BoG said the action was taken under Section 13 of the Payment Systems and Services Act, 2019 (Act 987).
According to the central bank, Zeepay issued electronic money without maintaining the required cash backing, resulting in a negative variance that exposed customers and the national payment system to risk.
The BoG also said the company failed to comply with regulatory directives to inject sufficient funds to fully back customers’, agents’ and merchants’ electronic money balances, as well as a directive to wind down its e-money issuance business.
It noted that Zeepay’s continued operation under its DEMI licence posed a threat to the stability of Ghana’s payment system.
Notice No.21 BOG SEC GOV 2026 Revocation of Licence Zeepay Ghana Limited by Fred Dzakpata
