BoG Revokes Zeepay Ghana’s Licence After Police Raid CEO Andrew Takyi-Appiah’s Home
- The Bank of Ghana has revoked Zeepay Ghana Ltd’s electronic money licence with immediate effect over regulatory breaches
- The company allegedly issued e-money without adequate cash backing and failed to comply with directives to correct the situation
- Authorities warned the firm’s continued operations posed a risk to the payment system, urging affected customers to seek support
The Bank of Ghana (BoG) has revoked the Dedicated Electronic Money Issuer (DEMI) licence of Zeepay Ghana Limited, citing multiple regulatory breaches and non-compliance with directives.
In a public notice issued on Monday, July 14, 2026, the central bank stated that the decision was taken in accordance with Section 13 of the Payment Systems and Services Act, 2019 (Act 987). The revocation takes immediate effect.
Source: Facebook
According to the Bank of Ghana, Zeepay failed to adhere to key regulatory requirements governing its operations.
The company was found to have issued electronic money without maintaining the required cash backing, resulting in a negative variance and exposing customers and the wider payment system to financial risk.
BoG cites Zeepay for flouting directive
The regulator further disclosed that Zeepay did not comply with specific directives aimed at correcting the situation.
These included instructions to inject sufficient funds to fully back e-money balances held by customers, agents and merchants, as well as a directive to wind down its e-money issuance business.
The BoG warned that Zeepay’s continued use of its DEMI licence posed a threat to the stability of the country’s payment ecosystem.
Affected wallet holders, including agents and merchants, have been advised to contact the Bank of Ghana’s support team for assistance.
The central bank reaffirmed its commitment to safeguarding financial stability, protecting consumers and ensuring the integrity of Ghana’s national payment system.
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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
