Bank of Ghana Revokes Zeepay’s Electronic Money Licence Over Regulatory Breaches

By Boakye Stephen, Kumasi, Ghana | Reporting for Ghanaian News Canada | July 14, 2026

The Bank of Ghana has revoked the Dedicated Electronic Money Issuer (DEMI) licence of Zeepay Ghana Limited with immediate effect, citing multiple regulatory violations and the company’s continued failure to comply with directives issued by the central bank.

In a public notice released on Tuesday, July 14, 2026, the Bank of Ghana stated that the decision followed persistent non-compliance that it said had become detrimental to consumers and other participants within Ghana’s payment services ecosystem.

According to the central bank, Zeepay breached provisions of the Payment Systems and Services Act, 2019 (Act 987) by issuing electronic money without maintaining the corresponding cash reserves required to fully back customers’ electronic balances.

The Bank explained that this created a negative variance between the value of electronic money issued and the actual cash backing available, exposing customers and the broader financial system to significant risk.

Regulators further disclosed that despite repeated directives requiring the company to inject sufficient funds to restore full backing for its electronic money balances and gradually wind down its e-money issuance operations, Zeepay failed to comply.

The Bank of Ghana concluded that the company’s continued operation under its DEMI licence posed a threat to the stability and integrity of Ghana’s national payment system.

The revocation comes after a series of legal and financial setbacks involving the fintech company, once regarded as one of Africa’s leading cross-border payment providers operating in more than twenty African markets.

In April 2026, the Commercial Division of the High Court ordered Zeepay and its founder and Chief Executive Officer, Andrew Takyi-Appiah, to pay more than US$11.6 million to a customer after failing to execute fund transfers.

The Court granted summary judgment after determining that no credible defence had been presented. Significantly, the ruling also held the Chief Executive personally liable after evidence showed that a substantial portion of the disputed funds had been deposited into his personal mobile money wallet.

The company’s governance challenges deepened earlier this year when its Chief Financial Officer resigned, citing material weaknesses and alleged abuses within treasury operations.

International audit firm Ernst & Young also withdrew from auditing Zeepay’s 2024 financial statements, expressing serious concerns about the reliability and quality of financial information made available during the audit process.

Zeepay had previously faced regulatory sanctions in 2023 when the Bank of Ghana imposed financial penalties and temporarily suspended its foreign exchange licence for breaches of foreign exchange regulations.

Outside Ghana, the company’s Barbadian subsidiary, Zeemoney, also had its operating licence suspended by the Central Bank of Barbados before applying for voluntary liquidation.

Additionally, Zeepay is currently facing a winding-up petition filed by creditor Obsidian Achernar Limited over an alleged unpaid debt of approximately US$1.22 million.

The Bank of Ghana has advised affected wallet holders, merchants and agents to contact its Complaints Office through the designated telephone number and official email address for assistance.

In accordance with the Payment Systems and Services Act, any electronic money issuer whose licence has been revoked is required to ensure customers receive payment of their electronic money balances within ten days.

The central bank reaffirmed its commitment to protecting consumers, preserving financial stability and maintaining the integrity of Ghana’s payment systems.

Commentary | Boakye Stephen

The revocation of Zeepay’s licence highlights the importance of strong regulatory oversight within Ghana’s rapidly expanding digital financial sector. While fintech innovation remains essential to financial inclusion, sustained public confidence depends on strict compliance with regulatory standards designed to safeguard customer funds and preserve the stability of the financial system.