Zeepay Ghana Limited says it is working closely with the Bank of Ghana (BoG) and other relevant stakeholders following the revocation of its Dedicated Electronic Money Issuer (DEMI) licence.
In a statement issued after the central bank’s decision, the fintech company said it was committed to ensuring an orderly, transparent and responsible process following the withdrawal of its licence for operating mobile money wallets.
“Zeepay Ghana Limited is working closely with the Regulator and all relevant stakeholders to ensure an orderly, transparent and responsible approach following the revocation of the Company’s Dedicated Electronic Money Issuer Licence (Mobile Money Wallets),” the company stated.
The company acknowledged concerns among customers, employees, agents, merchants, partners and the general public following the development, and assured stakeholders of its commitment to supporting them throughout the process.
Zeepay said it would continue to maintain open communication and work constructively with the Bank of Ghana and other stakeholders towards what it described as an orderly resolution.
“Further verified updates will be communicated through Zeepay’s official communication channels as they become available,” it added.
The statement follows the Bank of Ghana’s decision on Tuesday, July 14, to revoke Zeepay’s DEMI licence under Section 13 of the Payment Systems and Services Act, 2019 (Act 987).
The central bank said the decision was based on multiple regulatory breaches, including the issuance of electronic money without maintaining corresponding cash backing and failure to comply with directives to inject sufficient funds to fully back customers’ e-money balances and wind down its e-money issuance business.
A visit by Citi Business News to Zeepay’s headquarters on Wednesday, July 15, found the premises closed, with security personnel stationed at the entrance.
Officials from the Bank of Ghana were also at the facility, while copies of the licence revocation notice had been pasted on the walls of the building.
The Bank of Ghana has since advised affected wallet holders, agents and merchants to contact its support team for assistance as it works to protect customers and safeguard the stability of Ghana’s payment ecosystem.
