BoG officials, police restrict access to Zeepay headquarters after licence revocation
Officials of the Bank of Ghana (BoG), accompanied by police officers, were at the headquarters of Zeepay Ghana on Wednesday, a day after the central bank revoked the fintech company's Dedicated Electronic Money Issuer (DEMI) licence over what it described as multiple regulatory breaches.
Read Also: Bank of Ghana revokes Zeepay’s licence over e-money violationsAccording to the central bank, the decision followed multiple regulatory breaches, including the issuance of electronic money without maintaining the required cash backing and the company's failure to comply with directives to inject sufficient funds to fully back customers' electronic money balances and wind down its e-money issuance business.
Bank of Ghana officials were seen inside the facility, while copies of the central bank's notice revoking Zeepay's licence had been posted on the walls of the building.
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