The Bank of Ghana has revoked the Dedicated Electronic Money Issuer (DEMI) licence of Zeepay Ghana Ltd with immediate effect, citing multiple regulatory breaches and persistent failure to comply with directives issued by the central bank.

The decision, announced in a public notice dated 14 July, was made under Section 13 of the Payment Systems and Services Act, 2019 (Act 987).

The central bank said the revocation followed Zeepay’s failure to comply with the terms and conditions of its DEMI licence, warning that the company’s continued operations posed a risk to Ghana’s payment ecosystem.

According to the Bank of Ghana, Zeepay issued electronic money without maintaining the required cash backing, creating a negative variance that it failed to correct.

The central bank also said the company ignored directives to inject sufficient funds to fully back electronic money balances held by customers, agents and merchants.

In addition, Zeepay failed to comply with an order to wind down its electronic money issuance business.

“The continuous use of its DEMI licence constitutes a threat to the stability of the payment system,” the Bank of Ghana said.

The Bank of Ghana advised Zeepay wallet holders, including agents and merchants, to contact its support team for assistance.

It provided a dedicated telephone line and email address to handle complaints and enquiries from affected customers.

The central bank said the action forms part of its mandate to safeguard financial stability, protect consumers and preserve the integrity of Ghana’s national payment system.

It reiterated its commitment to enforcing regulatory standards across the country’s digital payments sector.