The Bank of Ghana (BoG) has revoked the Dedicated Electronic Money Issuer (DEMI) licence of Zeepay Ghana Limited, citing multiple forms of regulatory breaches and the failure of the Zeepay to comply with directives issued by the central bank.
The revocation which was announced on Tuesday July 14, in an official press release by the Central Bank takes effect immediately, and the bank said is in accordance with Section 13 of the Payment Systems and Services Act, 2019 (Act 987).
The Central bank disclosed that Zeepay issued electronic money without maintaining the required corresponding cash backing, resulting in a negative variance that exposed customers and the wider payment system to potential risks.
According to the statement, Zeepay failed to initiate corrective measures amid directives to inject enough funds to protect the electronic balances of their clints
The Bank of Ghana further revealed that Zeepay did not comply with instructions to wind down its electronic money issuance operations, adding that the continued use of its DEMI license posed a threat to the stability of the payment ecosystem.
The BoG has assured the affected clients of ZeePay particularly their wallet holders, agents and merchants, that there are support channels to address their concerns
Customers, clients and stakeholders who may require any assistance are to contact the Bank of Ghana support on 0593974486. Read the official statement below
