Bank of Ghana revokes the license of Zeepay
The Bank of Ghana has revoked the Dedicated Electronic Money Issuer (DEMI) license of Zeepay Ghana Limited, in pursuant to Section 13 of the Payment Systems and Services Act, 2019 (Act 987).
The central bank in a statement issued today Thursday, July 14, 2026, says the revocation takes effect today.
“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. Zeepay’s non-compliance is detrimental to the interest of users and providers in the payment service ecosystem,” the Bank said.
The Bank further indicated that Zeepay’s non-compliance is detrimental to the interest of users and providers in the payment service ecosystem.
It cited specifically the following: It said Zeepay issued electronic money without maintaining corresponding cash backing, resulting in a negative variance and failed to rectify the associated risk exposure to customers and the payment system; It failed to comply with directives by the Bank of Ghana to: a. Inject sufficient funds to fully back the e-money balances of customers, agents and merchants; and b. Wind-down its e-money issuance business.
“Zeepay’s continuous use of its DEMI licence constitutes a threat to the stability of the payment system,”the Bank added. The Bank asked affected Zeepay wallet holders, including agents and merchants to get in touch.
In 2023, the Ghana fined Zeepay for breaching clause 7.3(a) of the Inward Remittance.
The Clause 7.3(a) states as follows that the settlement bank shall “use the average interbank exchange rate published by the Ghana Association of Banks on the day the transfer is received or as prescribed by Bank of Ghana for the conversion of settlement funds into local currency”.
The noted that it further suspended the Forex Licence of Zeepay from November 27, 2023 to December 8, 2023, for violation of sections 3(1) and 15 (3) of the Foreign Exchange Act, 2006 (Act 723).
“By this Notice, forex market players including banks, forex bureaus, forex brokers, Dedicated Electronic Money Issuers (DEMIs), Enhanced Payment Service Providers (EPSPs) and Money Transfer Operators (MTOs) are hereby cautioned to adhere strictly to the applicable forex market regulations and guidelines,” the Bank said.
Zeepay which was founded in 2014 by Andrew Takyi Appiah, and headquartered in Ghana, was once considered Africa’s largest fintech player in the remittance and mobile money sectors, operating in over 20 countries.
Verdant IMAP, Zeepay’s financial advisor at some raised $35 million in equity and debt funding for the company.
By Emmanuel K Dogbevi