Why the Bank of Ghana revoked Zeepay Ghana's licence revealed

The Bank of Ghana (BoG) has revoked the Dedicated Electronic Money Issuer (DEMI) licence of Zeepay Ghana Ltd, bringing an immediate end to the fintech company's electronic money issuance and e-wallet operations in Ghana.

The revocation, which took effect on Tuesday, July 14, 2026, follows what the central bank described as multiple regulatory breaches and Zeepay's persistent failure to comply with directives issued under the Payment Systems and Services Act, 2019 (Act 987).

Why did the Bank of Ghana revoke Zeepay's licence?

According to the Bank of Ghana, the decision was taken to protect customers and safeguard the stability of Ghana's payment ecosystem after Zeepay repeatedly failed to meet key regulatory requirements.

The central bank cited several reasons for the licence revocation.

1. Issuing electronic money without adequate cash backing

The Bank of Ghana said Zeepay issued electronic money without maintaining sufficient cash reserves to fully back customers' electronic money balances.

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This created a negative variance between the electronic money in circulation and the actual funds available, exposing customers, agents, merchants and the wider financial system to significant risk.

2. Failure to comply with Bank of Ghana directives

The regulator said it had directed Zeepay to inject enough funds to fully cover the electronic money balances held by customers, agents and merchants.

However, the company failed to comply with those instructions.

3. Failure to wind down its e-money business

The Bank of Ghana also revealed that Zeepay ignored directives ordering it to gradually wind down its electronic money issuance business.

According to the central bank, the company's continued operation under its DEMI licence posed an unacceptable risk to Ghana's payment system.

The Bank of Ghana cites threats to payment system stability.

The central bank stated that Zeepay's persistent regulatory non-compliance was detrimental to users and other participants within Ghana's digital payment ecosystem.

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As a result, it concluded that allowing the company to continue operating under its DEMI licence would threaten the stability and integrity of the country's payment system.

What happens to Zeepay customers?

The Bank of Ghana has advised all Zeepay wallet holders, agents and merchants affected by the licence revocation to immediately contact the company's customer support team for assistance.

The regulator also encouraged customers to use the Bank of Ghana's official complaints channels if they require further support or experience difficulties accessing their funds.

The central bank said it is working to ensure that affected users are protected throughout the process.

Zeepay's role in Ghana's fintech sector

Before the revocation, Zeepay was one of Ghana's leading fintech companies, offering mobile money services, cross-border remittances and digital payment solutions across Ghana and several African markets.

The company played a significant role in promoting financial inclusion and facilitating international money transfers, making the Bank of Ghana's decision one of the biggest regulatory actions in Ghana's fintech industry in recent years.