Omanghana
The Bank of Ghana (BoG) has revoked the Dedicated Electronic Money Issuer (DEMI) license of fintech company Zeepay Ghana Limited, effectively ending the company’s authorization to operate as an electronic money issuer in the country.
The regulatory action, which took effect on Tuesday, July 14, 2026, was announced after the central bank identified what it described as serious breaches of Ghana’s payment system regulations.
BoG Cites Major Regulatory Violations
According to the Bank of Ghana, the decision was taken under Section 13 of the Payment Systems and Services Act, 2019 (Act 987), following findings of multiple compliance failures by Zeepay.
The central bank highlighted three major concerns:
Failure to Maintain Required Cash Backing
Investigations by the regulator reportedly revealed that Zeepay issued electronic money without maintaining the required corresponding cash reserves.
The BoG said this created a significant negative variance between the electronic money issued and available backing funds, exposing customers, agents, and merchants to potential financial risks.
Non-Compliance With Regulatory Directives
The central bank stated that Zeepay repeatedly failed to comply with official directives requiring the company to provide adequate capital to fully support its outstanding electronic money obligations.
According to the BoG, the company did not take the necessary corrective steps despite repeated regulatory engagement.
Failure to Wind Down E-Money Operations
The Bank of Ghana further accused Zeepay of failing to follow instructions to safely wind down its electronic money issuance activities.
The regulator said the continued operation posed risks to the stability and integrity of Ghana’s payment ecosystem.
Zeepay Operations Suspended Immediately
Following the license revocation, Zeepay is no longer permitted to operate as a Dedicated Electronic Money Issuer.
The decision immediately affects the company’s domestic electronic money services, including:
- Mobile wallet operations
- Cash-in and cash-out services
- Peer-to-peer (P2P) transfers
- Other electronic money issuance activities
BoG Provides Support Channels for Customers
The Bank of Ghana has assured affected customers, merchants, and agents that support mechanisms have been established to address concerns arising from the regulatory action.
Affected individuals can contact the BoG through the dedicated support line:
Phone: 0593974486
Email: Complaints.office@bog.gov.gh
The central bank urged users experiencing challenges to seek assistance through the official channels.
License Revocation Follows Legal Challenges
The regulatory action comes amid separate legal challenges involving Zeepay and its Chief Executive Officer, Andrew Takyi-Appiah.
In late June 2026, a Ghanaian High Court reportedly issued an $11.6 million summary judgment against Zeepay and its CEO over alleged unexecuted fund transfers.
Following the court decision, bailiffs, accompanied by police officers, moved to execute a writ of execution at the CEO’s personal residence on July 6, 2026.
The latest action by the Bank of Ghana adds further pressure on the fintech company as regulators continue efforts to strengthen oversight and protect confidence in Ghana’s digital financial services sector.
Source: Omanghana
