Zeepay E-Money Licence Revoked by Bank of Ghana

In Short

• The Bank of Ghana has revoked Zeepay Ghana Limited’s Dedicated Electronic Money Issuer licence, effective July 14, 2026.
• The central bank cited persistent regulatory breaches and failure to follow directives under Ghana’s Payment Systems and Services Act, 2019.
• The key issue flagged was electronic money issued without the required cash backing.

What Happened

Zeepay’s dedicated e-money licence was revoked by the Bank of Ghana on July 14, 2026. Zeepay is an e-money issuer, meaning it can create wallet balances for customers, similar to mobile money, but it must keep matching funds in regulated accounts.

In its notice, the central bank said Zeepay repeatedly breached licence terms and failed to comply with directives under Section 13 of the Payment Systems and Services Act, 2019 (Act 987). The most serious breach was what the bank described as a “negative variance,” where Zeepay issued electronic money without holding the full cash backing required to protect customers’ balances.

The Bank of Ghana also said Zeepay did not comply with two specific directives. One directive required the company to inject funds to fully back e-money balances held by customers, agents, and merchants. Another directive required Zeepay to stop issuing e-money entirely. The notice did not include the dates these directives were issued or the deadlines given.

The revocation follows earlier regulatory pressure on Zeepay. In 2023, the central bank briefly suspended the company’s separate forex licence for exchange rate violations, and the issue was resolved within weeks.

Why It Matters

E-money is only as safe as the reserves behind it. When wallet balances are not fully backed by cash, users can face delays or losses when trying to withdraw or transfer funds.

For Ghana’s payments sector, the move signals tighter enforcement around safeguarding rules, consumer protection, and systemic risk. It also adds pressure to fintechs to prove they can meet capital, governance, and compliance requirements consistently.

Zeepay has also faced legal and operational strain over the past year, including creditor action in Ghana and regulatory issues tied to a subsidiary in Barbados. Those parallel challenges could shape what happens next for customers, agents, and merchants that relied on Zeepay’s wallet services.