{"id":16925,"date":"2026-07-17T10:01:28","date_gmt":"2026-07-17T10:01:28","guid":{"rendered":"https:\/\/gnbcc.net\/?p=16925"},"modified":"2026-07-17T11:13:54","modified_gmt":"2026-07-17T11:13:54","slug":"bog-revokes-zeepay-licence-over-regulatory-breaches","status":"publish","type":"post","link":"https:\/\/gnbcc.net\/bog-revokes-zeepay-licence-over-regulatory-breaches\/","title":{"rendered":"BoG revokes Zeepay licence over regulatory breaches"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">The Bank of Ghana (BoG) has revoked the Dedicated Electronic Money Issuer (DEMI) licence of Zeepay Ghana Ltd with immediate effect.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The BoG cited multiple regulatory breaches and the company\u2019s persistent failure to comply with supervisory directives.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A public notice issued by the central bank yesterday and&nbsp; signed by the Secretary to the Bank, Ms Aimee Vyda Quashie,&nbsp; and copied to the Ghanaian Times, &nbsp;said the decision, which took effect on July 14, 2026, was made under Section 13 of the Payment Systems and Services Act, 2019 (Act 987).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">According to the BoG, the action followed repeated instances of non-compliance by Zeepay, which it said posed a threat to the stability of the country\u2019s payment system and undermined the interests of users and service providers within the electronic payments ecosystem.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The central bank explained that investigations revealed that the company had issued electronic money without maintaining the required cash backing, creating a negative variance and exposing customers as well as the payment system to significant financial risk.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It further stated that despite several regulatory directives, Zeepay failed to inject sufficient funds to fully back the electronic money balances of customers, agents and merchants.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In addition, the company did not comply with instructions to wind down its electronic money issuance business, prompting the BoG to withdraw its operating licence.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThe revocation of Zeepay\u2019s DEMI Licence is based on multiple regulatory breaches and its persistent failure to comply with regulatory directives and the terms and conditions of its DEMI Licence,\u201d the BoG stated.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It said stressed that the continued operation of the company under its DEMI licence constituted a threat to the safety and soundness of the national payment system.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To safeguard the interests of affected customers, the central bank advised all Zeepay wallet holders, including agents and merchants, to contact its support team for assistance.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Affected persons may seek support by calling 0593974486 or sending an email to Complaints.office@bog.gov.gh.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The BoG reaffirmed its commitment to maintaining financial stability, protecting consumers and preserving the integrity of Ghana\u2019s payment systems.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Click <a href=\"https:\/\/ghanaiantimes.com.gh\/bog-revokes-zeepay-licence-over-regulatory-breaches\/\" rel=\"nofollow noopener\" target=\"_blank\">here<\/a> for source<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Bank of Ghana (BoG) has withdrawn Zeepay Ghana Ltd\u2019s DEMI licence after investigations revealed regulatory breaches, including the issuance of electronic money without maintaining the required cash backing. The central bank said the action was taken to protect customers, agents and merchants while preserving confidence in Ghana\u2019s electronic payments ecosystem.<\/p>\n","protected":false},"author":12,"featured_media":16926,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"yes","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[153],"tags":[],"class_list":["post-16925","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-articles"],"jetpack-related-posts":[{"id":15929,"url":"https:\/\/gnbcc.net\/bog-to-launch-continental-fintech-sandbox-innovation-hub\/","url_meta":{"origin":16925,"position":0},"title":"BoG to launch continental fintech sandbox, innovation hub","author":"Michael Teye","date":"May 15, 2026","format":false,"excerpt":"The Bank of Ghana plans to establish a continental fintech sandbox, launch a national innovation hub and introduce a separate legal framework for fintech regulation, as the central bank steps up efforts to position Ghana as a regional digital finance hub.","rel":"","context":"In &quot;News Articles&quot;","block_context":{"text":"News Articles","link":"https:\/\/gnbcc.net\/category\/news-articles\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/05\/fintech-launch.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/05\/fintech-launch.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/05\/fintech-launch.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/05\/fintech-launch.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/05\/fintech-launch.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":18817,"url":"https:\/\/gnbcc.net\/bog-sec-seek-tighter-oversight-of-fast-growing-virtual-asset-market\/","url_meta":{"origin":16925,"position":1},"title":"BoG, SEC seek tighter oversight of fast-growing virtual asset market","author":"Paul N.","date":"August 27, 2026","format":false,"excerpt":"Ghana strengthens regulatory oversight of its growing virtual asset market ahead of the full implementation of the Virtual Asset Service Providers Act by 2027.","rel":"","context":"In &quot;News Articles&quot;","block_context":{"text":"News Articles","link":"https:\/\/gnbcc.net\/category\/news-articles\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/08\/ESQ-Elsie-40.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/08\/ESQ-Elsie-40.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/08\/ESQ-Elsie-40.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/08\/ESQ-Elsie-40.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/08\/ESQ-Elsie-40.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":18354,"url":"https:\/\/gnbcc.net\/bog-sees-stronger-credit-resilient-cedi-supporting-recovery\/","url_meta":{"origin":16925,"position":2},"title":"BoG sees stronger credit, resilient cedi supporting recovery","author":"Paul N.","date":"August 13, 2026","format":false,"excerpt":"The Bank of Ghana says stronger private sector lending, resilient external buffers and a recovery in the cedi are reinforcing Ghana\u2019s economic recovery. 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