The Bank of Ghana has revoked the e-money issuer licence of Zeepay Ghana Ltd, a prominent mobile financial services provider, citing a failure to maintain the required level of funds backing customer deposits. The central bank announced the action on Thursday, stating that Zeepay had consistently operated with a significant shortfall in its float account, a dedicated account meant to hold customer funds in full. This breach, according to the regulator, contravenes Section 13 of the Payment Systems and Services Act, 2019 (Act 987).
The central bank's statement said that Zeepay's float account had been underfunded by an average of 60% over a period of six months, a situation it described as a "persistent and material violation" of licensing conditions. The requirement for e-money issuers to hold 100% of customer funds in a dedicated, liquid account is a cornerstone of Ghana's regulatory framework, designed to protect consumers and ensure the stability of the digital payments ecosystem. The Bank of Ghana said it had engaged with Zeepay over several months to rectify the shortfall but that the company had failed to achieve full compliance.
The revocation is necessary to protect the interest of customers and to ensure the integrity of the payment system. The Bank of Ghana remains committed to enforcing high regulatory standards to foster confidence in digital financial services.
Zeepay, founded in 2014, has been a significant player in Ghana's fintech landscape, specialising in cross-border remittances and mobile money services. The company operates a network of agents and has partnerships with several international money transfer operators, facilitating diaspora payments into mobile wallets across Africa. The loss of its e-money issuer licence effectively halts its domestic mobile money operations in Ghana, though its international remittance business may continue under a different licence category, subject to regulatory approval.
The action against Zeepay occurs amid a broader regulatory tightening by the Bank of Ghana, which has been working to strengthen oversight of the rapidly growing digital finance sector. In recent years, the central bank has introduced stricter capital and operational requirements for payment service providers and has taken enforcement actions against several companies for non-compliance. This move signals a continued focus on financial soundness and consumer protection, as digital transactions become increasingly central to Ghana's economy.
Industry analysts note that the revocation highlights the operational and liquidity management challenges some fintechs face as they scale. Maintaining a fully backed float requires robust treasury management, especially for companies processing high volumes of low-value transactions. The regulatory crackdown may prompt other e-money issuers to review their own compliance frameworks. For consumers, the immediate concern is the safety of funds held in Zeepay wallets; the Bank of Ghana has stated it will supervise an orderly wind-down of the e-money business to ensure customers are refunded.
The future of Zeepay's broader operations, which span multiple African countries, now hinges on its ability to restructure and meet regulatory demands in its home market. The company has not yet issued a public statement regarding the licence revocation or its plans for affected customers. The Bank of Ghana has advised Zeepay customers to initiate refunds through the company's customer service channels and to contact the central bank's Financial Stability Department if they encounter difficulties.