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 a persistent failure to comply with regulatory directives.
In a public notice dated July 14, 2026, the central bank said the revocation was based on the company’s non-compliance, which it described as “detrimental to the interest of users and providers in the payment service ecosystem”.
According to the Bank of Ghana, Zeepay violated the Payment Systems and Services Act, 2019 (Act 987) by issuing electronic money without maintaining corresponding cash backing, resulting in a “negative variance” that exposed customers and the payment system to risk.
The company also failed to comply with regulatory directives to inject sufficient funds to fully back its e-money balances and to wind down its e-money issuance business. The central bank stated that Zeepay’s “continuous use of its DEMI licence constitutes a threat to the stability of the payment system”.
The revocation follows a series of mounting legal and financial challenges for the fintech company, which had positioned itself as a leader in cross-border payments across more than 20 African markets.
In April 2026, the Commercial Division of the High Court ordered Zeepay and its founder and CEO, Andrew Takyi-Appiah, to pay over $11.6 million to a customer for failing to execute fund transfers.
Justice Afi Agbanu Kudomor granted summary judgment after finding no reasonable defence had been raised.
A critical aspect of that ruling was the court’s decision to hold Takyi-Appiah personally liable, based on evidence that a substantial portion of the disputed funds was deposited directly into his personal mobile money wallet.
The company’s chief financial officer had resigned in February 2026, raising “material weaknesses and abuse” in treasury operations, while auditors Ernst & Young had withdrawn from the 2024 audit citing “serious concerns over the quality and reliability of information” .
In 2023, the Bank of Ghana had previously imposed a fine on Zeepay and temporarily suspended its forex licence for violating foreign exchange regulations.
The company’s Barbadian subsidiary, Zeemoney, had its licence suspended by the Central Bank of Barbados and subsequently applied for voluntary liquidation.
Zeepay is also facing a winding-up petition from creditor Obsidian Achernar Ltd over an alleged unpaid debt of $1.22 million.
The Bank of Ghana has advised affected Zeepay wallet holders, including agents and merchants, to contact its complaints office via telephone at 0593974486 or by email at Complaints.office@bog.gov.gh.
Under the Payment Systems and Services Act, a payment service provider or electronic money issuer whose licence is revoked is required to arrange to pay customers all their electronic money held within ten days.
The Bank of Ghana reaffirmed its “commitment to financial stability, consumer protection, and the integrity of the national payment system”.
