Officials of the Bank of Ghana, accompanied by police officers, are at the headquarters of Zeepay Ghana, a day after the central bank revoked the fintech firm’s Dedicated Electronic Money Issuer (DEMI) licence over what it describes as multiple regulatory breaches.
A Citi Business News visit to the company’s office found the premises closed, with security personnel stationed at the entrance.
Officials from the Bank of Ghana were inside the facility, while copies of the central bank’s notice revoking Zeepay’s licence had been pasted on the walls of the building.
Attempts by Citi Business News to speak with management were unsuccessful, as company officials indicated they were not ready to comment. The news team was also not permitted to film the premises during the visit.
On Tuesday, July 14, the Bank of Ghana announced the revocation of 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 what it described as multiple regulatory breaches, including issuing electronic money without maintaining corresponding cash backing and failing to comply with directives to inject sufficient funds to fully back customers’ e-money balances and wind down its e-money issuance business.
According to the Bank of Ghana, Zeepay’s continued operation under its DEMI licence posed a threat to the stability of the national payment system.
The central bank has advised affected wallet holders, agents and merchants to contact its support team for assistance as it works to protect customers and safeguard the integrity of Ghana’s payment ecosystem.
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