The Digital Chamber of Ghana has backed the Bank of Ghana's decision to revoke the Dedicated Electronic Money Issuer (DEMI) licence of Zeepay Ghana Ltd, assuring the public that the regulatory action does not undermine the stability of the country's digital payments ecosystem.

In a statement issued on July 14, 2026, the Chamber acknowledged the Bank of Ghana's statutory mandate to safeguard the integrity, stability and soundness of Ghana's payment system while protecting consumers.

Although describing Zeepay as a valued member that has contributed significantly to digital payments, financial inclusion and cross-border remittances in Ghana and across Africa, the Chamber said it respects the central bank's authority to enforce compliance with the law.

"The Chamber wishes to assure the public that it has been working closely with the Bank of Ghana throughout this process and remains in active engagement with the Central Bank and its member institutions to address this development in a coordinated and responsible manner," the statement said.

According to the Chamber, its immediate priority is to ensure that affected customers, agents and merchants are protected while measures are put in place to minimise disruptions and maintain confidence in Ghana's digital finance ecosystem.

The Bank of Ghana revoked Zeepay's licence with effect from July 14 after determining that the company had issued electronic money without maintaining the required corresponding cash backing, creating a negative variance that exposed customers and the broader payment system to significant financial risk.

The central bank also said Zeepay failed to comply with directives to inject sufficient funds to fully back customers', agents' and merchants' electronic money balances and ignored instructions to wind down its electronic money issuance operations.

In its revocation notice signed by Secretary Aimee Vyda Quashie, the Bank stated that Zeepay's continued operation under its DEMI licence posed a threat to the stability of Ghana's payment system.

Responding to the development, the Digital Chamber stressed that the enforcement action relates solely to one institution and should not be interpreted as a sign of weakness within the country's broader digital finance industry.

"The regulatory action relates to a specific institution and should not be interpreted as a reflection of the resilience of Ghana's broader digital payments ecosystem," the Chamber stated.

It added that Ghana's digital finance sector remains supported by a robust regulatory framework and a diverse network of licensed providers committed to compliance, innovation and responsible financial services.

The Chamber urged affected customers, agents and merchants to remain calm and follow guidance issued by the Bank of Ghana through its official customer support channels. The central bank has advised affected persons to seek assistance by calling 0593974486 or emailing Complaints.office@bog.gov.gh.

The Digital Chamber represents Dedicated Electronic Money Issuers and other stakeholders in Ghana's digital finance industry, including AT Money, G-Money, MobileMoney Fintech Limited (MTN MoMo), Telecel Cash, Zeepay and other ecosystem players.

Meanwhile, officials from the Bank of Ghana, accompanied by police officers, visited Zeepay's headquarters on July 15, a day after the licence revocation. The company's premises were closed, with copies of the revocation notice posted on the building while security personnel guarded the entrance.

The revocation also comes as Zeepay faces separate legal challenges. The Commercial Division of the High Court recently ordered the company and its Chief Executive Officer, Andrew Takyi Appiah, to pay a customer more than US$11.6 million after funds intended for onward transfer were allegedly diverted into the CEO's personal mobile money wallet. A winding-up petition filed by creditor Obsidian Achernar Limited over an unpaid debt also remains before the court.

The Bank of Ghana has reiterated its commitment to protecting consumers, preserving financial stability and maintaining the integrity of Ghana's payment systems.