The Bank of Ghana has revoked the Electronic Money Issuer licence of Zeepay Ghana Limited, a subsidiary of the pan-African mobile money fintech Zeepay, according to a public notice issued by the central bank. The action, taken under Section 7 of the Payment Systems and Services Act, 2019 (Act 987), took effect on July —, 2026, following what the regulator described as the company's failure to address identified deficiencies and comply with regulatory directives.
The central bank stated that Zeepay Ghana Limited had been given a period to rectify specific regulatory breaches but did not achieve full compliance within the stipulated timeframe. The licence revocation means the company can no longer operate its electronic money services, which included wallet and payment solutions, in Ghana. The Bank of Ghana said it took the step to ensure the safety and soundness of the country's payment system and to protect consumer funds.
Zeepay, headquartered in Accra, operates across more than ten African countries, facilitating cross-border remittances and mobile money interoperability. The company had positioned itself as a key player in connecting international money transfer operators to mobile money wallets across the continent. The loss of its licence in its home market represents a significant setback for its operations and reputation.
The regulatory move in Ghana occurs amid a broader trend of increased scrutiny and rule-making by central banks across West Africa's fintech landscape. In Nigeria, the Central Bank of Nigeria is in the process of introducing a new regulatory framework for fintech companies, particularly focusing on payment service providers and their holding company structures. The proposed rules aim to delineate activities between banking and non-banking entities more clearly and establish new capital requirements.
Analysts observe that regulators are seeking to balance the rapid innovation and financial inclusion driven by fintechs with the need for systemic stability and consumer protection. The growth of digital financial services, especially since the pandemic, has prompted authorities to review and often strengthen licensing regimes, operational guidelines, and capital adequacy rules.
The action against Zeepay underscores the operational and compliance challenges fintechs can face as they scale across multiple jurisdictions with differing regulatory expectations. While the specific deficiencies cited by the Bank of Ghana were not detailed in the public notice, such revocations typically relate to issues of corporate governance, liquidity management, anti-money laundering controls, or technical system resilience.
Market participants will be watching for any potential ripple effects on Zeepay's cross-border partnerships and its services in other African markets. The company's ability to restore its licence in Ghana, should it seek to reapply, would depend on a comprehensive resolution of the central bank's concerns and a demonstrated ability to meet all regulatory requirements on a sustained basis.