The Bank of Ghana has pulled the plug on Zeepay. As of Tuesday, July 14, 2026, the central bank revoked the company's Dedicated Electronic Money Issuer (DEMI) licence with immediate effect, which means Zeepay can no longer legally issue e-money in Ghana.
If you're holding a Zeepay wallet balance right now,⚠️ Here's the number that matters: 0593974486, or email Complaints.office@bog.gov.gh. That's the BoG's dedicated line for affected wallet holders, agents, and merchants. Save it.
Why BoG Pulled the Licence
The central bank didn't mince words. In its public notice, BoG said Zeepay issued electronic money without
keeping the matching cash backing required by law, a shortfall the regulator calls a "negative variance." In
plain terms: Zeepay had more digital money in customer wallets than it had cash sitting in reserve to cover
it.
BoG says it ordered Zeepay to fix that gap and to wind down its e-money business. Zeepay allegedly did
neither. The regulator's language was blunt, calling the company's continued use of the licence a threat to
the stability of the entire payment system. The action was taken under Section 13 of the Payment Systems and
Services Act, 2019 (Act 987).
As of July 14, 2026, Zeepay has not issued a public response to the revocation notice. Filladey will update
this piece the moment that changes.
This Isn't Zeepay's First BoG Headache
This is not a first offence. Back in November 2023, BoG suspended Zeepay's separate forex licence for about
two weeks over exchange-rate violations tied to how it settled remittance funds. That dispute got resolved
fairly quietly and Zeepay moved on.
This time is different, and worth flagging clearly since a lot of Ghanaians will conflate the two incidents:
the 2023 issue was about forex settlement rules. This week's revocation is about the e-money licence itself,
the one that lets Zeepay hold and move your mobile wallet balance. Losing that is a far bigger deal than a
forex suspension.
Ghana Isn't Talking About This Yet
What's missing from most of the coverage circulating today is context on just how much trouble Zeepay has
been in outside this one BoG notice. Ghana's High Court Commercial Division reportedly ordered Zeepay and
its CEO, Andrew Takyi-Appiah, to personally pay a customer over $11.6 million after funds meant for an
onward transfer allegedly never went through. There's also a pending winding-up petition filed in February
by a creditor over an unpaid $1.22 million debt. Separately, a Zeepay subsidiary in Barbados had its own
licence suspended by that country's central bank in May.
None of these events are confirmed to be legally connected to today's BoG decision, and it's unclear from
BoG's notice whether Zeepay's other licences, including remittance and mobile money termination, are
affected or under further review. But taken together, a company that marketed itself for over a decade as
one of Africa's biggest mobile money and remittance players is now fighting fires on at least four fronts at
once, at home and abroad.
For everyday Ghanaians, the practical question isn't the legal drama. It's whether your money is safe and
how fast you can get it back if you had a Zeepay wallet, and BoG's notice doesn't give a timeline for that.
That's the gap regulators, agents, and merchants will be pressed to answer in the coming days.
What To Watch Next
Three things are worth keeping an eye on: whether Zeepay issues any public statement or challenges the revocation, whether BoG clarifies the fate of Zeepay's other licences beyond DEMI, and how quickly wallet holders actually get resolution through the BoG support line.