Ghana Revokes Fintech Startup Zeepay’s 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 multiple regulatory breaches and the fintech firm’s persistent failure to comply with supervisory directives.

The decision, announced in a public notice issued on Tuesday, July 14, 2026, took effect the same day and was made under Section 13 of the Payment Systems and Services Act, 2019 (Act 987). The notice was signed by the Secretary to the Bank, Aimee Vyda Quashie.

According to the central bank, Zeepay issued electronic money without maintaining the corresponding cash backing required under its licence, resulting in a negative variance that exposed customers, agents and merchants to financial risk. The BoG said the company also failed to comply with directives requiring it to inject sufficient funds to fully back e-money balances and to wind down its e-money issuance operations.

“The revocation of Zeepay’s DEMI Licence is based on multiple regulatory breaches and its persistent failure to comply with regulatory directives and the terms and conditions of its DEMI Licence. Zeepay’s non-compliance is detrimental to the interest of users and providers in the payment service ecosystem,” the central bank said in its notice.

The BoG warned that Zeepay’s continued use of the licence posed a threat to the stability of the country’s payment system. It has advised affected wallet holders, agents and merchants to contact its support team via phone or email for assistance in securing their balances.

This is not the first time Zeepay has run into regulatory trouble with the central bank. The BoG had previously suspended the company’s forex licence for roughly two weeks in late 2023 over violations of the Foreign Exchange Act, and had separately fined the firm for breaching remittance settlement rules.

The revocation also comes weeks after Ghana Police Service officers reportedly raided the residence of Zeepay CEO Andrew Takyi-Appiah, following a Commercial Division court ruling that held him personally liable for more than $11.6 million after evidence indicated company funds had been deposited into his personal mobile money wallet.

Founded in 2014 by Takyi-Appiah, Zeepay had grown into one of Africa’s most prominent fintech players in mobile money and cross-border remittances, operating across multiple African markets. In response to the revocation, the company said it remains committed to an orderly and transparent process for its customers, employees, agents, merchants and partners.

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