The Bank of Ghana (BoG) has revoked the Dedicated Electronic Money Issuer (DEMI) licence of Zeepay Ghana Limited with immediate effect after determining that the company had committed multiple regulatory violations and failed to comply with directives aimed at protecting customers and the country’s payment system.
The central bank announced the decision in a statement issued on Tuesday, July 14, stating that the revocation was carried out under Section 13 of the Payment Systems and Services Act, 2019 (Act 987).
According to the BoG, its supervisory assessment found that Zeepay had issued electronic money without maintaining the required cash reserves to fully support the value of the electronic money in circulation. The resulting shortfall, the regulator said, created a negative variance that exposed customers, agents, merchants and the broader payment ecosystem to potential financial risks.
The Bank further disclosed that despite being directed to inject additional funds to eliminate the deficit and ensure full backing for customer balances, the company failed to implement the required corrective measures.
It added that Zeepay also did not comply with instructions to gradually wind down its electronic money issuance activities, a development the BoG said heightened concerns over the continued operation of the company’s DEMI licence.
The central bank explained that allowing Zeepay to continue operating under its existing licence would pose a risk to the stability and integrity of Ghana’s payment systems, prompting the decision to withdraw the licence with immediate effect.
To support affected customers, agents and merchants, the Bank of Ghana said it has established assistance channels to respond to enquiries and provide guidance following the regulatory action.
The BoG advised stakeholders seeking further information or support to contact its dedicated helpdesk on 0593974486.
