The Bank of Ghana (BoG) has revoked the Dedicated Electronic Money Issuer (DEMI) licence of Zeepay Ghana Limited with immediate effect, citing multiple regulatory breaches and persistent non-compliance with directives issued by the central bank.
The decision, announced in a public notice issued on Tuesday, July 14, 2026, was taken pursuant to Section 13 of the Payment Systems and Services Act, 2019 (Act 987).
According to the BoG, Zeepay repeatedly failed to comply with the terms and conditions governing its DEMI licence, despite several regulatory interventions.
The central bank said investigations established that the company issued electronic money without maintaining the required cash backing, resulting in a negative variance that exposed customers and the national payment system to significant financial risk.
It further disclosed that Zeepay failed to comply with directives requiring it to inject sufficient funds to fully back the electronic money balances of customers, agents and merchants, as well as wind down its electronic money issuance business.
“The revocation of Zeepay’s DEMI Licence is based on multiple regulatory breaches and its persistent failure to comply with regulatory directives and the terms and conditions of its DEMI Licence,” the notice stated.
The BoG warned that Zeepay’s continued operation under the licence constituted “a threat to the stability of the payment system,” necessitating the immediate withdrawal of its authorisation to operate as a Dedicated Electronic
To safeguard customers, the central bank advised all affected Zeepay wallet holders, including agents and merchants, to contact its support team through the dedicated telephone line and email address provided for assistance.
The Bank reiterated its commitment to maintaining financial stability, protecting consumers and preserving the integrity of Ghana’s national payment system.
