Zeepay Ghana Limited has broken its silence following the revocation of its Dedicated Electronic Money Issuer (DEMI) licence by the Bank of Ghana, assuring customers, employees, agents and merchants that it is committed to an orderly and transparent resolution of the matter.

In a statement issued on Wednesday, July 15, the company said it was working closely with the central bank and other relevant stakeholders following the regulatory action, which took effect on July 14.

"Zeepay Ghana Limited remains committed to supporting all stakeholders throughout this process. We recognise the concerns that this development may cause and sincerely appreciate the patience, understanding and continued cooperation of our customers, employees, agents, merchants, partners and the wider public during this period," the company said.

Zeepay said it would continue to provide open communication and act responsibly as discussions with the Bank of Ghana progress.

"Further verified updates will be communicated through Zeepay's official communication channels as they become available," it added.

The statement follows the Bank of Ghana’s decision to revoke Zeepay’s DEMI licence over what it described as breaches of regulatory requirements under the Electronic Money Issuance Guidelines and the Payment Systems and Services Act, 2019 (Act 987).

According to the central bank, Zeepay issued electronic money without maintaining the required corresponding cash backing, creating a negative variance that exposed customers and the wider payment system to financial risks.

The BoG also said the company failed to comply with directives to inject sufficient funds to fully back customer, agent and merchant electronic money balances and did not adhere to instructions to wind down its electronic money issuance operations.

The revocation has triggered reactions from industry stakeholders, with the Digital Chamber of Ghana backing the central bank’s action while assuring the public that the development relates to one institution and does not undermine confidence in Ghana’s broader digital payments ecosystem.

The Chamber said it was engaging with the Bank of Ghana and member institutions to ensure affected customers, agents and merchants are protected.

The development comes amid separate legal challenges involving Zeepay. The High Court Commercial Division recently ordered the company and its Chief Executive Officer, Andrew Takyi Appiah, to pay a customer more than $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.

Meanwhile, officials from the Bank of Ghana, accompanied by police officers, visited Zeepay’s headquarters at Cantonments in Accra on July 15, a day after the licence revocation. The premises were shut, and copies of the revocation notice were displayed at the facility.

Zeepay has been a major player in Ghana’s digital finance sector, particularly in mobile payments and cross-border remittances.

The company has not disclosed whether it will challenge the Bank of Ghana’s decision or seek legal redress over the revocation.