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.
In A Public Notice Dated 14th July 2026, No. BG/GOV/SEC/2026/21, The Central Bank Said The Decision Was Taken Pursuant To Section 13 Of The Payment Systems And Services Act, 2019, Act 987.
Reasons For The Revocation
According To The BoG, Zeepay’s Continued Operations Posed A Threat To The Stability Of The National Payment System.
The Bank Listed Two Key Violations:
1. Issuing E-Money Without Cash Backing
Zeepay Issued Electronic Money Without Maintaining Corresponding Cash Backing. This Resulted In A Negative Variance And Created Risk Exposure For Customers And The Payment System. The Company Also Failed To Rectify The Issue.
2. Failure To Comply With BoG Directives
The Central Bank Said Zeepay Did Not Comply With Directives To:
a. Inject Sufficient Funds To Fully Back The E-Money Balances Of Customers, Agents And Merchants
b. Wind Down Its E-Money Issuance Business
“Zeepay’s Non-Compliance Is Detrimental To The Interest Of Users And Providers In The Payment Service Ecosystem. Zeepay’s Continuous Use Of Its DEMI Licence Constitutes A Threat To The Stability Of The Payment System,” The Notice Stated.
What This Means For Customers
The BoG Advised All Affected Zeepay Wallet Holders, Agents And Merchants To Contact Its Support Team For Assistance.
– Tel: 0593 974 486
– Email: Complaints.office@bog.gov.gh
The Bank Reassured The Public Of Its Commitment To Financial Stability, Consumer Protection, And The Integrity Of The National Payment System.
The Notice Was Signed By Aimee Vyda Quashie, Ms., The Secretary Of The Bank.
Zeepay Ghana Ltd Was One Of The Licensed DEMIs Operating Mobile Money And Digital Payment Services In The Country.
