{"id":17074,"date":"2026-07-14T15:39:24","date_gmt":"2026-07-14T15:39:24","guid":{"rendered":"https:\/\/www.fishfmonline.com\/?p=17074"},"modified":"2026-07-14T15:39:24","modified_gmt":"2026-07-14T15:39:24","slug":"zeepays-licence-seized-over-e-money-violations","status":"publish","type":"post","link":"https:\/\/www.fishfmonline.com\/?p=17074","title":{"rendered":"Zeepay\u2019s licence seized over e-money violations"},"content":{"rendered":"

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.<\/p>\n

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”.<\/p>\n

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.<\/p>\n

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”.<\/p>\n

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.<\/p>\n

In April 2026, the Commercial Division of the High\u00a0\u00a0Court<\/span><\/a>\u00a0ordered Zeepay and its founder and CEO, Andrew Takyi-Appiah, to pay over $11.6 million to a customer for failing to execute fund transfers.<\/p>\n

Justice Afi Agbanu Kudomor granted summary judgment after finding no reasonable defence had been raised.<\/p>\n

A critical aspect of that ruling was the\u00a0court’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.<\/p>\n

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in February 2026, raising “material weaknesses and abuse” in treasury operations, while auditors Ernst & Young had withdrawn from the 2024 audit citing “serious concerns over the quality and reliability of information” .<\/p>\n

In 2023, the Bank of Ghana had previously imposed a fine on Zeepay and temporarily suspended its forex licence for violating foreign exchange regulations.<\/p>\n

The company’s Barbadian subsidiary, Zeemoney, had its licence suspended by the Central Bank of Barbados and subsequently applied for voluntary liquidation.<\/p>\n

Zeepay is also facing a winding-up petition from creditor Obsidian Achernar Ltd over an alleged unpaid debt of $1.22 million.<\/p>\n

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.<\/p>\n

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.<\/p>\n

The Bank of Ghana reaffirmed its “commitment to financial stability, consumer protection, and the integrity of the national payment system”.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":123457,"featured_media":17075,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[4217,41,3718],"tags":[1156,5375,1836,5374],"class_list":["post-17074","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accountability","category-general-news","category-legal","tag-bog","tag-e-money","tag-high-court","tag-zeepay"],"_links":{"self":[{"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/17074","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/users\/123457"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17074"}],"version-history":[{"count":2,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/17074\/revisions"}],"predecessor-version":[{"id":17077,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/17074\/revisions\/17077"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/media\/17075"}],"wp:attachment":[{"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17074"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17074"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17074"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}