Officials from the Bank of Ghana (BoG), accompanied by police personnel, have taken control of Zeepay Ghana’s headquarters following the revocation of the fintech company’s Dedicated Electronic Money Issuer (DEMI) licence.
A visit to the company’s offices by Citi Business News found the premises closed to the public, with security officers guarding the entrance while Bank of Ghana officials remained inside the building carrying out regulatory processes.
Notices announcing the revocation of Zeepay’s licence had been posted on the walls of the premises, signalling the immediate enforcement of the central bank’s directive.
Management of Zeepay declined to comment on the development, and journalists were not permitted to film activities within the facility.
The enforcement action follows the Bank of Ghana’s decision on Tuesday, July 14, to withdraw the company’s DEMI licence under Section 13 of the Payment Systems and Services Act, 2019 (Act 987).
According to the central bank, the revocation was prompted by repeated regulatory violations, including the issuance of electronic money without maintaining the required cash backing and the company’s failure to comply with directives to inject additional funds to fully cover customer e-money balances.
The regulator also cited Zeepay’s failure to implement instructions to wind down its electronic money issuance business, concluding that allowing the company to continue operating under its licence could pose risks to the stability and integrity of Ghana’s payment system.
In response to concerns from customers and business partners, the Bank of Ghana has urged affected wallet holders, agents and merchants to contact its dedicated support team for assistance as it manages the transition and seeks to safeguard customer interests.
The latest development marks a significant escalation in regulatory action against one of Ghana’s leading fintech firms and underscores the central bank’s commitment to enforcing prudential standards within the country’s rapidly growing digital payments industry.
