A day after the central bank cancelled the fintech company’s Dedicated Electronic Money Issuer (DEMI) license due to what it claims to be numerous regulatory violations, police officers are with officials from the Bank of Ghana at Zeepay Ghana’s headquarters.
During a visit to the company’s headquarters, Citi Business News discovered that the site was shuttered and had security personnel posted at the entrance.
Copies of the central bank’s announcement canceling Zeepay’s license were affixed to the walls of the building while Bank of Ghana officials were inside the premises.
Citi Business News’ attempts to get a comment from the management were futile, as the firm’s representatives stated they were not prepared to speak. Additionally, the news crew was not permitted to film the location during their visit.
The Bank of Ghana announced the cancellation of Zeepay’s DEMI license on Tuesday, July 14, in accordance with Section 13 of the Payment Systems and Services Act, 2019 (Act 987).
The decision was based on a number of regulatory infractions, including issuing electronic money without maintaining corresponding cash backing and failing to comply with instructions to inject enough funds to fully support customers’ e-money balances and wind down its e-money issuance operation, according to the central bank.
The Bank of Ghana stated that Zeepay’s ongoing operations under its DEMI license endangered the national payment system’s stability.
As it endeavors to safeguard Ghana’s payment ecosystem and protect its customers, the central bank has recommended affected wallet holders, merchants, and agents to get in touch with its support team for help.
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