Payment Gateway Shaken: BoG Revokes Zeepay Licence, Sparks Scrutiny!

The Bank of Ghana (BoG) has revoked the Dedicated Electronic Money Issuer (DEMI) licence of Zeepay Ghana Limited, effective July 14, 2026, citing multiple breaches of regulatory requirements. This decisive action, taken under Section 13 of the Payment Systems and Services Act, 2019 (Act 987), highlights the central bank's commitment to safeguarding the integrity and stability of Ghana's payment system and protecting consumers from financial risks.

According to the Bank of Ghana, Zeepay was found to have issued electronic money without maintaining the required corresponding cash backing, resulting in a significant negative variance. This practice exposed customers, agents, merchants, and the broader payment system to considerable financial risk. Furthermore, Zeepay failed to comply with explicit directives from the BoG to inject sufficient funds to fully back customer, agent, and merchant electronic money balances. The company also reportedly did not adhere to instructions to wind down its electronic money issuance operations, with the central bank stating that Zeepay's continued operation under its DEMI licence posed a direct threat to the stability of the country's payment system.

In response to the licence revocation, Zeepay Ghana Limited acknowledged the concerns among its customers, employees, agents, merchants, partners, and the general public. The digital payment firm issued a statement affirming its commitment to working closely with the Bank of Ghana and all relevant stakeholders to ensure an orderly, transparent, and responsible approach to the resolution. Zeepay assured its stakeholders of ongoing support throughout this process and pledged to communicate further verified updates through its official channels as they become available. The company has not yet disclosed whether it intends to challenge the Bank of Ghana’s decision or seek legal redress.

The Digital Chamber of Ghana has publicly backed the Bank of Ghana’s regulatory action, emphasizing that the move does not undermine the stability or confidence in Ghana's broader digital payments ecosystem. In its statement, the Chamber recognized the BoG's statutory mandate to protect the integrity and soundness of the payment system and consumers. While acknowledging Zeepay as a significant contributor to digital payments, financial inclusion, and cross-border remittances, the Chamber stressed that the enforcement action relates solely to one institution and reflects Ghana's robust regulatory framework. The Chamber stated its immediate priority is to ensure the protection of affected customers, agents, and merchants and to minimize disruptions, urging calm and advising affected persons to follow guidance from the Bank of Ghana’s official customer support channels.

Following the revocation, Bank of Ghana officials, accompanied by police officers, visited Zeepay’s headquarters at Cantonments in Accra on July 15, a day after the licence was withdrawn. The company’s premises were found to be shut, with security personnel guarding the entrance and copies of the BoG's revocation notice prominently displayed on the building walls, restricting access.

The licence revocation comes amidst other significant legal challenges facing Zeepay. The High Court Commercial Division recently ordered Zeepay and its Chief Executive Officer, Andrew Takyi Appiah, to pay a customer more than US$11.6 million. This order followed allegations that funds intended for onward transfer were diverted into the CEO’s personal mobile money wallet. Additionally, a winding-up petition filed by creditor Obsidian Achernar Limited over an unpaid debt remains before the court, adding to the company's current difficulties. The Bank of Ghana has reiterated its unwavering commitment to protecting consumers, preserving financial stability, and maintaining the integrity of Ghana's payment systems.