By Franklin ASARE-DONKOH
The Bank of Ghana (BoG) has revoked the Dedicated Electronic Money Issuer (DEMI) licence of Zeepay Ghana Limited with immediate effect.
The regulatory action affects one of West Africa’s prominent fintech companies following its alleged failure to comply with national financial regulations.
According to a public notice issued by the central bank on Tuesday, July 14, 2026, the licence was revoked under Section 13 of the Payment Systems and Services Act, 2019 (Act 987).
The BoG said Zeepay issued electronic money without maintaining the required corresponding cash backing.
According to the central bank, this regulatory breach resulted in a significant negative variance, exposing customers’ digital wallets, agents and merchants to operational risk.
The BoG stated that despite repeated directives requiring the company to inject sufficient capital to cover the outstanding balances, Zeepay failed to take the necessary corrective measures.
The regulator further indicated that Zeepay also failed to comply with subsequent administrative directives to wind down its electronic money issuance operations.
According to the Bank of Ghana, the company’s persistent non-compliance and continued operation under its DEMI licence posed a direct threat to the stability of Ghana’s payment ecosystem.
The central bank has advised all affected Zeepay wallet holders, merchants and mobile money agents to contact the Bank of Ghana’s designated support team for assistance in securing their balances and navigating the service termination.
