The Bank of Ghana (BoG) has revoked the Dedicated Electronic Money Issuer (DEMI) licence of Zeepay Ghana Limited, citing multiple regulatory breaches and the company’s failure to comply with directives issued by the central bank.
The revocation which takes immediately, the bank said is in accordance with Section 13 of the Payment Systems and Services Act, 2019 (Act 987).
In a statement issued on Tuesday July 14, the bank disclosed that Zeepay issued electronic money without maintaining the required corresponding cash backing, resulting in a negative variance that exposed customers and the wider payment system to potential risks.
The regulator said the company also failed to take corrective measures despite directives to inject sufficient funds to fully back the electronic money balances of customers, agents and merchants.
The Bank of Ghana further revealed that Zeepay did not comply with instructions to wind down its electronic money issuance operations, adding that the continued use of its DEMI license posed a threat to the stability of the payment ecosystem.
The BoG assured affected Zeepay wallet holders, including agents and merchants, that support channels have been made available to address their concerns following the licence revocation.
Customers and stakeholders who require assistance have been directed to contact the Bank of Ghana support team on 0593974486.
