Bank Of Ghana Revokes Zeepay Operating Licence
ACCRA — The Bank of Ghana has revoked the operating licence of Zeepay Ghana Limited, citing multiple regulatory breaches and persistent failure to adhere to the terms and conditions governing electronic money issuers.
The central bank said the decision followed a comprehensive supervisory review that revealed systemic non-compliance in areas of capital adequacy, governance, and consumer protection. The action takes immediate effect, barring the fintech from conducting any licensed operations within the jurisdiction.
According to MyJoyOnline, the Bank of Ghana stated that Zeepay had been accorded several opportunities to remedy infractions but demonstrated a continued inability to align with prudential and operational requirements. The regulator emphasized that the revocation is intended to safeguard the integrity of the payments ecosystem and protect consumer funds.
Industry analysts note that the move signals a hardening stance toward regulatory discipline in the digital finance space. Zeepay, which positioned itself as a remittance and mobile money interoperability platform, will be required to wind down activities in an orderly manner under the supervision of the central bank to ensure settlement of outstanding obligations.
The revocation occurs amid broader efforts by the Bank of Ghana to fortify oversight of fintechs and payment service providers following rapid sector expansion. Officials have reiterated that innovation must be matched with robust risk management, anti-money laundering controls, and transparent reporting frameworks.
Stakeholders across the financial technology landscape will now be watching for the implications on partnerships, agent networks, and remittance corridors. The central bank has assured the public that customer deposits and balances will be handled in accordance with existing directives as the liquidation and reconciliation process commences.
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Author: Korkor Anumu
