Bank of Ghana revokes the license of Zeepay
“By this Notice, forex market players including banks, forex bureaus, forex brokers, Dedicated Electronic Money Issuers (DEMIs), Enhanced Payment Service Providers (EPSPs) and Money Transfer Operators (MTOs) are hereby cautioned to adhere strictly to the applicable forex market regulations and guidelines,” the Bank said.
The Bank of Ghana has revoked the Dedicated Electronic Money Issuer (DEMI) license of Zeepay Ghana Limited, in pursuant to Section 13 of the Payment Systems and Services Act, 2019 (Act 987).
It cited specifically the following: It said Zeepay issued electronic money without maintaining corresponding cash backing, resulting in a negative variance and failed to rectify the associated risk exposure to customers and the payment system; It failed to comply with directives by the Bank of Ghana to: a.
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