The Bank of Ghana (BoG) has withdrawn the Dedicated Electronic Money Issuer (DEMI) licence of Zeepay Ghana Limited following what it described as multiple breaches of regulatory requirements and the company’s failure to adhere to directives from the central bank.
The decision, which takes immediate effect, was made in accordance with Section 13 of the Payment Systems and Services Act, 2019 (Act 987), the BoG said in a statement released on Tuesday, July 14.
According to the regulator, Zeepay issued electronic money without maintaining the mandatory cash backing required to support the funds in circulation. This, it said, created a negative variance and exposed customers, agents, merchants, and the wider payment system to possible risks.
The central bank explained that Zeepay was instructed to provide sufficient funds to cover all outstanding electronic money balances and take steps to address the breach. However, the company failed to implement the required corrective measures.
The BoG also noted that Zeepay did not comply with instructions to discontinue its electronic money issuance activities, adding that the continued operation of the DEMI licence could threaten confidence and stability within the digital payment sector.
The regulator has assured Zeepay wallet users, agents, and merchants that arrangements have been made to provide support and address any concerns arising from the licence withdrawal.
Customers and stakeholders requiring assistance have been advised to contact the Bank of Ghana support line on 0593974486.
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