Zeepay Ghana Limited has assured customers, agents and business partners that it is working with the Bank of Ghana (BoG) and other stakeholders to ensure an orderly and transparent wind-down of its mobile money operations following the revocation of its Dedicated Electronic Money Issuer (DEMI) licence.
The assurance comes a day after the Bank of Ghana withdrew the fintech company’s licence with immediate effect, citing repeated regulatory breaches, including failures to maintain adequate cash backing for electronic money issued, comply with directives to protect customer funds, and implement an earlier order to wind down its e-money business.
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In a public statement, Zeepay acknowledged the regulator’s decision, saying it was committed to handling the process responsibly.
“Zeepay Ghana Limited is working closely with the Regulator and all relevant stakeholders to ensure an orderly, transparent and responsible approach following the revocation of the Company’s Dedicated Electronic Money Issuer Licence,” the company said.
The fintech firm also appealed for calm among its customers and partners, saying it understood the concerns the development may have created.
“We recognise the concerns that this development may cause and sincerely appreciate the patience, understanding and continued cooperation of our customers, employees, agents, merchants, partners and the wider public during this period,” the statement added.
Zeepay said it remains committed to acting responsibly throughout the transition while maintaining open communication with regulators and stakeholders.
The company also urged the public to rely only on verified information, noting that further updates would be released through its official communication channels as they become available.
The Bank of Ghana announced the licence revocation on July 14, saying the action was necessary to protect customers and preserve confidence in Ghana’s digital payments ecosystem.
According to the central bank, examinations revealed that Zeepay repeatedly breached key regulatory requirements by issuing electronic money without maintaining sufficient liquid assets to fully back customer balances. The regulator also said the company failed to comply with several directives aimed at restoring adequate funding and safeguarding customer, merchant and agent funds.
The BoG said the continued violations posed significant risks to consumers and the stability of the country’s payment system, prompting the decision to revoke the licence with immediate effect.
The development marks one of the strongest regulatory actions taken against a fintech company in Ghana’s rapidly growing digital financial services sector.
Zeepay has been one of Ghana’s prominent fintech operators, providing mobile money wallets, international remittance services and digital payment solutions to individuals and businesses. Its services have played a significant role in facilitating cross-border money transfers and expanding financial inclusion.
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While the company has pledged a responsible wind-down, it has yet to provide detailed guidance on how customers will access or transfer funds held in affected mobile wallets.
The case underscores the increasing focus by African financial regulators on protecting customer funds and enforcing stricter compliance standards as digital financial services continue to expand across the continent.
The Bank of Ghana has advised affected customers to contact Zeepay through its official support channels for assistance while the transition process continues.
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