The Bank of Ghana (BoG) has intensified its regulatory actions against financial institutions by revoking the Dedicated Electronic Money Issuer (DEMI) licence of Zeepay Ghana Limited while securing a Supreme Court order suspending the reinstatement of the operating licence of GN Savings and Loans Limited.
In a statement issued yesterday, the central bank announced that it had revoked Zeepay’s DEMI licence with immediate effect under Section 13 of the Payment Systems and Services Act, 2019 (Act 987), citing persistent regulatory breaches and the company’s failure to comply with several directives.
According to the BoG, investigations established that Zeepay had issued electronic money without maintaining the corresponding cash backing required by law, resulting in a negative variance that exposed customers and the country’s payment system to potential financial risks.
The regulator said it had directed the company to inject sufficient funds to fully back the electronic money balances of customers, agents and merchants, but Zeepay failed to implement the corrective measures.
It further disclosed that the company also ignored instructions to wind down its electronic money issuance operations, adding that allowing it to continue operating under its DEMI licence posed a threat to the stability and integrity of Ghana’s payment ecosystem.
The central bank assured affected customers, agents and merchants that support mechanisms had been put in place to assist them following the revocation.
It urged stakeholders requiring assistance to contact the Bank of Ghana’s support team through the dedicated helpline, 0593974486.
Two weeks ago, a court ordered the seizure of the residence of Zeepay CEO Andrew Takyi-Appiah after enforcing a High Court Commercial Division judgment involving over $11.6 million.
The order follows a ruling by Justice Afi Agbanu Kudomor in favour of businessman Michael Yusuf against Zeepay and its CEO.
The court held that the defendants failed to present a reasonable defence to contest the claim.
The decision was based on evidence including deposit records, correspondence, and transaction dealings between the parties.
Following the ruling, court bailiffs and police supervised the enforcement process, which led to the takeover of the property on July 6, 2026.
Meanwhile, in a separate legal development, the Supreme Court has granted the Bank of Ghana’s application for a stay of execution, effectively suspending the enforcement of a Court of Appeal judgment that ordered the restoration of the operating licence of GN Savings and Loans Limited.
The Court of Appeal had earlier directed the central bank to reinstate the licence of GN Savings, which was revoked during Ghana’s financial sector clean-up exercise.
However, the Bank of Ghana appealed the ruling to the Supreme Court and sought an order staying its execution pending the determination of the appeal.
The Supreme Court’s decision means the Court of Appeal’s order will remain suspended until the substantive appeal is heard and determined, leaving the status quo intact and relieving the central bank of any obligation to restore GN Savings’ licence in the interim.
The apex court is expected to determine whether the Bank of Ghana acted lawfully in revoking the licence and whether the Court of Appeal was justified in directing its reinstatement.
Its final ruling will settle the long-running dispute and determine whether the Court of Appeal’s decision will stand or be overturned.
