The Bank of Ghana has revoked the Dedicated Electronic Money Issuer (DEMI) Licence of Zeepay Ghana Limited, with effect from Tuesday, July 14.
In a statement, the central bank said the revocation, made pursuant to Section 13 of the Payment Systems and Services Act, 2019 (Act 987), follows multiple regulatory breaches and Zeepay’s persistent failure to comply with regulatory directives and the terms and conditions of its licence.
The Bank of Ghana said Zeepay’s non-compliance was detrimental to the interest of users and providers within the payment service ecosystem.
According to the statement, 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.
The central bank further stated that Zeepay failed to comply with its directives to inject sufficient funds to fully back the e-money balances of its customers, agents and merchants, and to wind down its e-money issuance business.
The Bank of Ghana said Zeepay’s continued use of the DEMI licence constituted a threat to the stability of the payment system, necessitating the revocation.
Affected Zeepay wallet holders, including agents and merchants, have been advised to contact the Bank of Ghana’s support team via telephone or by email.
The Bank of Ghana reaffirmed its commitment to financial stability, consumer protection, and the integrity of the national payment system.
This comes barely three years after the central bank suspended the forex license of the same company over regulatory breaches.