The licence revocation, which takes immediate effect from July 14, 2026, was announced in a public notice issued by the central bank and signed by the Secretary of the Bank, Ms. Aimee Vyda Quashie.
According to the Bank of Ghana, the regulatory action was taken pursuant to Section 13 of the Payment Systems and Services Act, 2019 (Act 987), which provides the legal framework for the regulation and supervision of payment service providers in Ghana.
The central bank said Zeepay’s DEMI Licence was withdrawn following what it described as multiple regulatory breaches and the company’s persistent failure to comply with directives and the terms and conditions governing its licence.
“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 Bank of Ghana stated.
The regulator further explained that Zeepay’s alleged non-compliance had become detrimental to the interests of users and other providers operating within Ghana’s rapidly growing payment service ecosystem.
Among the major concerns raised by the Bank of Ghana was the issuance of electronic money by Zeepay without maintaining the required corresponding cash backing. The situation, according to the regulator, resulted in a negative variance.
The Bank said Zeepay also failed to rectify the associated risk exposure created for customers and the broader payment system, despite concerns surrounding the company’s e-money operations.
Under electronic money regulations, issuers are generally expected to ensure that customer e-money balances are adequately backed by corresponding funds, a safeguard designed to protect users and maintain confidence in the financial system.
The Bank of Ghana further disclosed that it had directed Zeepay to inject sufficient funds into its operations to fully back the e-money balances of customers, agents and merchants.
However, the central bank said the company failed to comply with the directive. Zeepay was also instructed to wind down its e-money issuance business but allegedly failed to adhere to that regulatory order.
“Zeepay’s continuous use of its DEMI Licence constitutes a threat to the stability of the payment system,” the Bank of Ghana warned in its public notice, highlighting the seriousness of the regulatory concerns.
The development is expected to attract significant attention within Ghana’s fintech and digital payments industry, where electronic money issuers have become increasingly important to financial inclusion, cross-border transactions and the country’s wider digital economy.
The Bank of Ghana has advised affected Zeepay wallet holders, including customers, agents and merchants, to contact its support team on 0593974486 or through Complaints.office@bog.gov.gh for assistance and further guidance concerning the regulatory action.
The central bank reaffirmed its commitment to maintaining financial stability, protecting consumers and safeguarding the integrity of Ghana’s national payment system, as the revocation of Zeepay’s licence marks a major regulatory intervention in the country’s evolving financial technology sector.
