BoG revokes Zeepay’s electronic money issuer licence over regulatory breaches
In a statement issued on Tuesday, July 14, the central bank said the decision was taken under Section 13 of the Payment Systems and Services Act, 2019, Act 987.
The Bank of Ghana has revoked the Dedicated Electronic Money Issuer licence of Zeepay Ghana Limited after citing multiple regulatory breaches.
The revocation takes immediate effect.
In a statement issued on Tuesday, July 14, the central bank said the decision was taken under Section 13 of the Payment Systems and Services Act, 2019, Act 987.
According to the Bank of Ghana, Zeepay issued electronic money without maintaining the required corresponding cash backing.
The regulator said this created a negative variance and exposed customers, agents, merchants and the wider payment system to potential risk.
The central bank also accused Zeepay of failing to comply with directives to correct the breach.
It said the company was instructed to inject sufficient funds to fully back the electronic money balances held by customers, agents and merchants.
The Bank of Ghana said Zeepay failed to take the required corrective steps.
It further stated that the company did not comply with instructions to wind down its electronic money issuance operations.
According to the regulator, Zeepay’s continued use of the DEMI licence posed a threat to the stability of Ghana’s payment ecosystem.
The Bank of Ghana said support channels have been made available for affected Zeepay wallet holders, agents and merchants.
Customers and stakeholders who need assistance have been directed to contact the Bank of Ghana support team on 0593974486.
The revocation means Zeepay can no longer operate under the Dedicated Electronic Money Issuer licence.
