The Bank of Ghana has revoked the Dedicated Electronic Money Issuer (DEMI) licence of Zeepay Ghana Ltd, citing multiple regulatory breaches and the company’s failure to comply with directives issued by the central bank.
The revocation, effective July 14, 2026, was announced in a notice signed by the Secretary of the Bank of Ghana, Aimee Vyda Quashie. The central bank said Zeepay’s continued operation under the licence posed risks to customers and the wider payment system.
According to the Bank of Ghana, Zeepay issued electronic money without maintaining the required cash backing, resulting in a negative variance that exposed customers and the payment ecosystem to potential risks.
The regulator said the company failed to address the issue despite being directed to inject sufficient funds to fully back customer, agent and merchant balances, as well as wind down its electronic money issuance activities.
“The revocation of Zeepay’s DEMI Licence is based on multiple regulatory breaches and its persistent failure to comply with regulatory directives,” the Bank of Ghana said.
The central bank added that Zeepay’s continued use of its licence had become “a threat to the stability of the payment system.”
The move comes as Ghana’s digital payments sector continues to expand, with millions of consumers, agents and businesses relying on electronic money platforms for everyday transactions.
The Bank of Ghana said affected Zeepay wallet holders, including agents and merchants, should contact its support team for assistance and complaints resolution.
“The Bank of Ghana remains committed to financial stability, consumer protection, and the integrity of the national payment system,” the regulator said.
The central bank has in recent years increased supervision of payment service providers as digital financial services grow, focusing on safeguarding customer funds and ensuring operators comply with licensing requirements.
