Zeepay Ghana, one of West Africa’s most prominent homegrown fintech operators, is confronting a severe twin crisis after the Bank of Ghana revoked its core electronic money licence and a creditor filed a court petition to wind up the company over an unpaid debt.
The central bank announced the immediate revocation of Zeepay’s Dedicated Electronic Money Issuer (DEMI) licence on Tuesday, citing “multiple regulatory breaches” and a persistent failure to comply with directives under the Payment Systems and Services Act, 2019 (Act 987).
In a notice to the public, the Bank stated that Zeepay had issued electronic money without maintaining corresponding cash backing, resulting in a “negative variance” that it failed to…