The Bank of Ghana has taken enforcement action against Zeepay Ghana Limited, revoking its Dedicated Electronic Money Issuer licence after the fintech failed to maintain statutory cash reserves backing its outstanding e-money liabilities.
According to a public notice issued on Tuesday, the central bank identified a negative variance between the electronic money issued by Zeepay and the corresponding cash held in trust, a violation of Section 13 of the Payment Systems and Services Act, 2019 (Act 987).
The BoG stated that despite repeated directives to recapitalise and fully back customer, agent, and merchant balances, the company did not comply.
The regulator also noted that Zeepay disregarded instructions to wind down its issuance operations, leading the BoG to determine that the continued use of the licence threatened payment system stability.
The Bank of Ghana has since established support channels for affected stakeholders and urged impacted parties to reach out via the designated helpline: 0593974486.
