The Bank of Ghana (BoG) has revoked Zeepay Ghana Ltd’s electronic money licence, led by CEO Andrew Takyi-Appiah
Reports suggest the BoG revoked Zeepay’s E-Money licence over multiple regulatory breaches, failure to comply with supervisory directives and risks to users of the payment service ecosystem.
In a public notice dated July 14, 2026, the BoG announced that the revocation takes immediate effect and was issued pursuant to Section 13 of the Payment Systems and Services Act, 2019, Act 987.
The BoG statement reads, ““Pursuant to Section 13 of the Payment Systems and Services Act, 2019 (Act 987 he Bank of Ghana announces the revocation of the Dedicated Electronic Money Issuer (DEMI) Licence of Zeepay Ghana LTD (Zeepay) with effect from today, 14 July 2026.
The revocation of Zeepay’s DEMI Licence is based on multiple regulatory breaches and its persistent failure to comply with regulatory directives and the terms and conditions of its DEMI Licence. Zeepay’s non-compliance is detrimental to the interest of users and providers in the payment service ecosystem. Specifically, Zeepay:
i. 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.
i. Failed to comply with directives by the Bank of Ghana to
a. Inject sufficient funds/to fully back the e-money balances of customers, agents/and merchants; and
b. Wind down its e-money issuance business
Zeepay’s continuous use of its DEMI licence constitutes a threat to the stability of the payment system.
Affected Zeepay wallet holders, including agents and merchants, should reach out to our support team on
Tel: 0593974486
Email: Complaints.office@bog.gov.gh
The Bank of Ghana remains committed to financial stability, consumer protection, and the integrity of the national payment system”.
In related news, some days ago, the home of Zeepay Ghana Limited and its Chief Executive Officer, Andrew Takyi-Appiah, was seized by court officials and police.
Reports suggest the Zeepay CEO home was seized in the early hours of Monday, July 6, 2026, as part of enforcement of a court judgment against him.
In a viral video shared on social media, some officials and vehicles were captured at a modern house.
Earlier, news broke that Andrew Takyi-Appiah had been ordered by the Commercial Division of the High Court to pay more than US$11.6 million to a customer over a failed transfer of funds.
Reports suggest the funds were deposited but allegedly not transferred as instructed.
The High Court decision follows legal action brought by the customer, indicating that Zeepay and its CEO failed to honour instructions to transfer substantial sums of money he had deposited.
The Ghana Chronicle, in a report, stated, “In its ruling, the court examined evidence relating to the deposits, correspondence exchanged between the customer, Zeepay officials and the company’s CEO, as well as the course of dealings between the parties.
According to the judgment, the court concluded that Zeepay and Mr Takyi-Appiah had failed to present a reasonable defence capable of warranting a full trial on the merits of the customer’s claims.
The court therefore entered judgment in favour of the customer and ordered the defendants to pay more than US$11.6 million, representing the funds at the centre of the dispute together with other applicable reliefs granted by the court.
The case is one of the largest publicly reported civil judgments involving a Ghanaian fintech company and underscores the legal obligations of payment service providers in handling customer funds”.
See the statement below:
@ghnow_ “We don’t even know where the guy has been sent.” — Hon. Jerry Amed speaks during the NPP protest at the EOCO headquarters over the continued detention of Dennis Miracles Aboagye. #GHNow #fyp ♬ original sound – GHnow
