BoG revokes Zeepay Ghana's electronic money licence over regulatory breaches

The Bank of Ghana (BoG) has revoked the Dedicated Electronic Money Issuer (DEMI) Licence of Zeepay Ghana Ltd with immediate effect after finding multiple breaches of regulatory requirements and persistent non-compliance with directives issued by the central bank.

The decision, announced in a statement on Monday, July 14, 2026, was taken under Section 13 of the Payment Systems and Services Act, 2019 (Act 987).

According to the Bank of Ghana, Zeepay repeatedly failed to comply with the terms and conditions governing its electronic money licence, with the company's actions posing significant risks to customers and the country's payment ecosystem.

The central bank said investigations revealed that Zeepay issued electronic money without maintaining the legally required cash reserves to fully back customer balances.

This created what the BoG described as a negative variance, exposing customers, agents, merchants and the broader payment system to financial risk.

The Bank further disclosed that Zeepay failed to comply with several regulatory directives, including instructions to:

• Inject sufficient funds to fully back all outstanding electronic money balances.
• Restore adequate liquidity for customers, agents and merchants.
• Wind down its electronic money issuance business after regulatory concerns were identified.

According to the BoG, the company's continued failure to comply with these directives left it with no option but to revoke the licence.

The Bank of Ghana stated that allowing Zeepay to continue operating under its Dedicated Electronic Money Issuer licence would pose a threat to the stability and integrity of Ghana's electronic payment system.

The central bank stressed that protecting customers and safeguarding confidence in the country's digital financial services sector remain top regulatory priorities.

The BoG therefore concluded that revoking the licence was necessary to preserve financial stability and protect users of electronic money services.

Following the revocation, the Bank of Ghana has advised all affected Zeepay wallet holders, merchants and agents to contact the company's customer support services for assistance.

Affected customers have been directed to reach Zeepay through its support line:

0593974486

The BoG did not immediately announce additional measures regarding customer fund recovery but indicated that affected users should engage directly with the company.

Founded in Accra in 2014 by Andrew Takyi-Appiah, Zeepay established itself as one of Ghana's leading fintech companies by enabling international remittances to be received directly into local mobile money wallets.

The company became the first wholly Ghanaian-owned fintech to receive a Dedicated Electronic Money Issuer licence from the Bank of Ghana in 2020.

Over the years, Zeepay expanded its operations beyond Ghana into more than 20 African countries, as well as the United Kingdom and Barbados.

According to company figures, Zeepay processed over 10 million transactions valued at more than US$3 billion in 2023.

Its growth attracted substantial investment from several development finance institutions and private investors, including Africa50, Oikocredit, Injaro Investments, and Verdant Capital.

The revocation of Zeepay's licence comes amid increasing legal and financial difficulties facing the fintech company.

In recent months, the company has reportedly dealt with:

• The collapse of one of its Caribbean subsidiaries.
• Attempts by creditors to place the company into liquidation.
• Multiple legal disputes involving company executives.

One of the most significant cases involved a ruling by the Commercial Division of Ghana's High Court, which ordered Zeepay and its Chief Executive Officer, Andrew Takyi-Appiah, to pay more than US$11.6 million over funds that the court found were not transferred according to client instructions.

The court further held that some of the funds had been transferred into the CEO's personal mobile money wallet.

Zeepay has appealed that judgment, and the matter remains subject to the judicial process.

The revocation of Zeepay's DEMI licence marks one of the most significant regulatory actions taken by the Bank of Ghana against a licensed electronic money issuer.

Industry observers say the decision reinforces the central bank's commitment to enforcing prudential regulations within Ghana's rapidly growing fintech industry and ensuring that licensed payment service providers maintain adequate customer fund protection and operational compliance.

The Bank of Ghana has indicated that it will continue to monitor the electronic payments ecosystem closely to safeguard public confidence, protect consumers and maintain the stability of Ghana's digital financial services sector.