The Bank of Ghana (BoG) has revoked the Dedicated Electronic Money Issuer (DEMI) licence of Zeepay Ghana Limited, one of Ghana’s pioneering fintech and digital remittance companies, with immediate effect.
The directive, issued under Section 13 of the Payment Systems and Services Act, 2019 (Act 987), cites multiple regulatory breaches and the company’s persistent failure to comply with supervisory directives issued by the central bank. The decision takes effect from 14 July 2026. (Ghana Business News)
According to the Bank of Ghana, investigations revealed that Zeepay issued electronic money without maintaining the required corresponding cash backing, creating a negative variance that exposed customers and the national payment system to significant financial risk. The regulator further stated that despite several directives, the company failed to inject sufficient funds to fully back customers’, agents’ and merchants’ electronic money balances and also failed to wind down its electronic money issuance business as instructed. The central bank warned that Zeepay’s continued operation under its DEMI licence had become a threat to the stability and integrity of Ghana’s payment ecosystem.
What This Means
The revocation represents one of the most significant regulatory actions against a licensed fintech in Ghana since the introduction of the Payment Systems and Services Act.
For customers, agents and merchants using Zeepay wallets, the Bank of Ghana has advised affected parties to contact its Complaints Office through the dedicated telephone line 0593974486 or via [email protected] for assistance regarding their balances and claims. Under Ghana’s payment systems law, an electronic money issuer whose licence has been revoked is required to make arrangements to repay customers’ electronic money holdings within the stipulated regulatory period.
A Defining Moment for Ghana’s Fintech Industry
The decision sends a strong signal that Ghana’s financial regulators are moving beyond promoting fintech innovation to enforcing strict prudential compliance. Zeepay has long been regarded as one of Ghana’s flagship fintech companies, becoming the country’s first licensed Dedicated Electronic Money Issuer and building operations across multiple African markets. However, today’s action demonstrates that regulatory compliance, liquidity management and customer fund protection remain non-negotiable regardless of a company’s market position. (Bank of Ghana)
Industry analysts say the development is likely to trigger increased regulatory scrutiny across electronic money issuers, payment service providers and digital wallet operators as the Bank of Ghana continues efforts to safeguard financial stability while strengthening confidence in Ghana’s rapidly expanding digital payments ecosystem.
Tech Daily Report will continue to monitor developments, including any official response from Zeepay Ghana Limited and the impact on customers, partners and Ghana’s wider fintech industry.
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