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.

A visit to the company's offices found the premises closed, with security personnel stationed at the entrance to restrict access.

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.

On Tuesday, July 14, the Bank of Ghana announced the revocation of Zeepay's DEMI licence under Section 13 of the Payment Systems and Services Act, 2019 (Act 987).

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According 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.

The Bank of Ghana said Zeepay's continued operation under its DEMI licence posed a risk to the stability and integrity of the country's payment system.

The central bank has advised affected wallet holders, agents and merchants to contact its dedicated support team for assistance as it works to protect customers and safeguard Ghana's payment ecosystem.