Bank of Ghana revokes Zeepay Ghana’s licence over regulatory breaches and customer fund risks

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 the company’s persistent failure to comply with directives issued by the central bank.

In a public notice issued on Tuesday, July 14, 2026, the Bank of Ghana said the revocation was carried out pursuant to Section 13 of the Payment Systems and Services Act, 2019 (Act 987).

According to the BoG, the decision followed repeated violations of regulatory requirements and the terms and conditions governing Zeepay’s DEMI licence. The central bank stated that the company’s continued non-compliance posed risks to customers, payment service providers, and the broader payment ecosystem.

The Bank of Ghana outlined two major reasons for the licence revocation.

First, it said Zeepay issued electronic money without maintaining the required corresponding cash backing, resulting in a negative variance. The bank noted that the company failed to address the resulting risk exposure to customers and the national payment system.

Secondly, the BoG said Zeepay failed to comply with several regulatory directives, including instructions to inject sufficient funds to fully back the electronic money balances of customers, agents, and merchants. The company also failed to comply with an order to wind down its electronic money issuance business.

The central bank stressed that Zeepay’s continued operation under its DEMI licence constituted a threat to the stability of Ghana’s payment system, making the revocation necessary.

The Bank of Ghana has advised all affected Zeepay wallet holders, including agents and merchants, to contact its support team for assistance. Customers can reach the Bank via telephone on 0593974486 or email at Complaints.office@bog.gov.gh.

The notice, signed by the Secretary of the Bank, Aimee Vyda Quashie (Ms.), reaffirmed the Bank of Ghana’s commitment to financial stability, consumer protection, and safeguarding the integrity of the country’s national payment system. The revocation took effect on July 14, 2026.

Notice-No.21-BOG-SEC-GOV-2026-Revocation-of-Licence-Zeepay-Ghana-Limited-