The Bank of Ghana (BoG) has withdrawn the Dedicated Electronic Money Issuer (DEMI) licence of Zeepay Ghana Limited after determining that the company had failed to meet key regulatory requirements governing electronic money issuance.
The central bank announced on Tuesday, July 14, that the revocation takes immediate effect and was made under Section 13 of the Payment Systems and Services Act, 2019 (Act 987).
According to the BoG, its supervisory processes found that Zeepay issued electronic money without maintaining the corresponding cash reserves required to fully support the value of the electronic money in circulation.
The regulator said this resulted in a negative variance that created potential risks for customers and the country’s payment system.
The statement added that the company was directed to inject adequate funds to restore full cash backing for the electronic money balances held by customers, agents and merchants. However, the BoG said Zeepay did not comply with those directives.
The central bank also stated that the company failed to follow instructions to wind down its electronic money issuance operations, noting that allowing it to continue operating under its DEMI licence would pose a risk to the stability and integrity of the payment ecosystem.
To support affected users, the Bank of Ghana said assistance arrangements have been put in place for Zeepay wallet holders, agents and merchants following the licence withdrawal.
