The Bank of Ghana (BoG) has revoked the Dedicated Electronic Money Issuer (DEMI) license of Zeepay Ghana Limited, citing multiple regulatory breaches and the company’s failure to comply with central bank directives.The revocation, effective immediately, is mandated by Section 13 of the Payment Systems and Services Act, 2019 (Act 987).

Zeepay was found to have issued electronic money without maintaining the required cash backing, leading to a negative variance that exposed customers and the payment system to risks.The regulator noted that Zeepay failed to rectify the issue despite being instructed to inject sufficient funds to back customer balances.

Additionally, the company did not comply with orders to cease electronic money issuance operations, which the BoG claims threatens payment system stability.Affected users, including agents and merchants, are advised to contact the BoG support team at 0593974486 for assistance.The decision underscores the central bank’s commitment to enforcing compliance and safeguarding financial stability.