Bank of Ghana Officials Descend on Zeepay Headquarters After Licence Revocation
- Bank of Ghana officials, accompanied by police, trooped to Zeepay Ghana's headquarters on July 15, a day after the central bank revoked the fintech firm's licence
- The Bank of Ghana's revocation notice was pasted on the building's walls and security personnel stationed at the entrance
- The Bank of Ghana revoked Zeepay's DEMI licence over multiple regulatory breaches, including issuing e-money without adequate cash backing
Officials from the Bank of Ghana, accompanied by police officers, descended on the headquarters of Zeepay Ghana on Wednesday, July 15, one day after the central bank stripped the fintech company of its Dedicated Electronic Money Issuer (DEMI) licence.
Citi News reported that premises found the building shut, with security personnel manning the entrance.
Source: Facebook
Bank of Ghana officials were inside the facility, and printed copies of the central bank's revocation notice had been fixed to the walls of the building.
Company officials declined to speak with the press, and journalists were barred from filming on the premises.
Why the Bank of Ghana pulled Zeepay's licence
The Bank of Ghana announced the revocation of Zeepay's DEMI licence on Tuesday, July 14, citing multiple regulatory breaches under Section 13 of the Payment Systems and Services Act, 2019 (Act 987).
The central bank in a statement said Zeepay had been issuing electronic money without maintaining the corresponding cash reserves required to fully back customers' e-money balances.
The firm also allegedly failed to comply with directives to inject adequate funds to cover those balances and to wind down its e-money issuance operations.
The Bank of Ghana further warned that allowing Zeepay to continue operating under its DEMI licence would have posed a direct threat to the stability of Ghana's national payment system.
Wallet holders, agents, and merchants affected by the licence withdrawal have been advised to reach out to the Bank of Ghana's support team, as the regulator works to protect customers and preserve the integrity of the country's payment ecosystem.
Zeepay CEO Andrew Takyi-Appiah's home raided
The revocation of Zeepay Ghana Limited’s licence comes a few weeks after officers of the Ghana Police Service raided the residence of CEO Andrew Takyi-Appiah.
A YEN.com.gh report indicated that the raid followed a Commercial Division ruling ordering him to pay a customer more than $11.6 million.
The High Court held Takyi-Appiah personally liable after evidence showed company funds were allegedly deposited directly into his personal mobile money wallet.
A video of Ghana police officers storming the residence of Andrew Takyi-Appiah sparked mixed reactions on social media.
Source: YEN.com.gh
