GHANA:Zeepay Pledges Orderly Customer Exit After Ghana Revokes License

Zeepay Pledges Orderly Customer Exit After Ghana Revokes Mobile Money Licence

ACCRA, Ghana – Ghanaian fintech company Zeepay has assured customers, agents, merchants and business partners that it is working with regulators to ensure an orderly and transparent wind-down of its electronic money operations after the Bank of Ghana (BoG) revoked its Dedicated Electronic Money Issuer (DEMI) licence.

In a statement issued after the regulatory action, the company said it is cooperating closely with the Bank of Ghana and other stakeholders to minimize disruption and protect the interests of customers throughout the transition. Zeepay emphasized that it remains committed to maintaining open communication and providing verified updates as the process unfolds. 

The Bank of Ghana revoked Zeepay's DEMI licence with immediate effect, citing multiple regulatory breaches under the country's Payment Systems and Services Act, 2019. According to the central bank, the company issued electronic money without maintaining sufficient cash backing and failed to comply with directives requiring it to inject adequate funds to fully cover customer balances and wind down its e-money issuance business. Regulators said the continued operation of the licence posed a risk to Ghana's payment ecosystem. 

Responding to the development, Zeepay acknowledged the concerns of customers, employees and partners, thanking them for their patience and continued support. The fintech said its priority is to ensure a responsible transition while working constructively with the regulator toward a satisfactory resolution. The company added that further information would be communicated through its official channels as more details become available. 

The Bank of Ghana has advised affected wallet holders, agents and merchants to contact its designated support channels for guidance during the transition. Officials say the measures are intended to safeguard customer funds and preserve confidence in Ghana's rapidly growing digital payments industry.

Zeepay has been one of Ghana's best-known fintech firms, providing mobile wallet services, digital payments and cross-border remittance solutions through partnerships with financial institutions, mobile money operators and international money transfer companies. The licence revocation marks one of the most significant regulatory actions against a fintech operator in Ghana in recent years and is expected to reinforce regulatory scrutiny across the country's fast-expanding digital financial services sector. 

West Arekahme