Bank of Ghana revokes Zeepay’s licence over e-money violations
The Bank of Ghana has advised affected Zeepay wallet holders, including agents and merchants, to contact its complaints office via telephone at 0593974486 or by email at the Payment Systems and Services Act, a payment service provider or electronic money issuer whose licence is revoked is required to arrange to pay customers all their electronic money held within ten days.
The Bank of Ghana has revoked the Dedicated Electronic Money Issuer (DEMI) licence of Zeepay Ghana Limited with immediate effect, citing "multiple regulatory breaches" and a persistent failure to comply with regulatory directives.
According to the Bank of Ghana, Zeepay violated the Payment Systems and Services Act, 2019 (Act 987) by issuing electronic money without maintaining corresponding cash backing, resulting in a "negative variance" that exposed customers and the payment system to risk.
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