The Bank of Ghana has revoked the Dedicated Electronic Money Issuer (DEMI) licence of Zeepay Ghana Limited with immediate effect, citing multiple regulatory breaches and persistent non-compliance with directives under the Payment Systems and Services Act, 2019 (Act 987).
According to the central bank, Zeepay issued electronic money without maintaining the required cash backing, creating a negative variance that exposed customers and the payment system to risk. The company also failed to comply with directives to recapitalise its e-money balances and wind down its e-money issuance business, prompting the Bank of Ghana to conclude that its continued operations posed a threat to the stability of the payment system.
The revocation comes amid a series of legal and financial setbacks for the fintech firm, including a High Court ruling ordering Zeepay and its CEO, Andrew Takyi-Appiah, to pay more than $11.6 million to a customer over failed fund transfers, the resignation of its chief financial officer, the withdrawal of its auditors, and ongoing creditor actions.
The Bank of Ghana has advised affected wallet holders, agents and merchants to contact its complaints office for assistance. Under the law, Zeepay is required to refund customers’ electronic money balances within 10 days following the revocation of its licence.