Bank of Ghana revokes Zeepay’s electronic money licence over regulatory breaches

The Bank of Ghana (BoG) has revoked the Dedicated Electronic Money Issuer (DEMI) licence of Zeepay Ghana Limited with immediate effect, citing repeated regulatory violations and the company’s failure to comply with directives issued by the central bank.

In a statement issued on Tuesday, July 14, the BoG said the decision was taken under Section 13 of the Payment Systems and Services Act, 2019 (Act 987).

According to the central bank, investigations established that Zeepay issued electronic money without maintaining the required cash reserves to fully back customer balances, creating a negative variance that exposed customers and the country’s payment system to potential financial risks.

The BoG said it had directed the company to inject additional funds to restore the required backing for electronic money held by customers, agents and merchants, but Zeepay failed to comply with the regulatory instruction.

The regulator further disclosed that the company also ignored directives to wind down its electronic money issuance operations, prompting the Bank to conclude that allowing it to continue operating under its DEMI licence posed a risk to the integrity and stability of Ghana’s payment ecosystem.

The Bank of Ghana assured Zeepay wallet holders, agents and merchants that measures have been put in place to assist affected customers following the licence revocation.

It advised customers and other stakeholders seeking assistance to contact the Bank’s dedicated support team through the helpline 0593974486 for further guidance.

Source: Classfmonline.com/Zita Okwang