Zeepay’s License Revocation: What’s Next?

Question 1

What was the main reason for the Bank of Ghana revoking Zeepay's e-money license?

Accepted Answer

Repeated breaches of regulatory directives

Answer

Failure to maintain an office in Ghana

Answer

Launching a new product without approval

Answer

Refusal to pay business taxes

Question 2

What specific issue did Zeepay fail to correct that exposed the payment system?

Accepted Answer

Failure to hold cash backing for issued e-money

Answer

Incorrect tax filings

Answer

Illegal money transfer operations

Answer

Technical glitches in their app

Question 3

Which other license did the Bank of Ghana briefly suspend from Zeepay in 2023?

Accepted Answer

Forex license

Answer

Insurance license

Answer

Remittance license

Answer

Mobile banking license

Question 4

In which country did a subsidiary of Zeepay face similar licensing issues?

Accepted Answer

Barbados

Answer

Nigeria

Answer

South Africa

Answer

Kenya

Question 5

What was the financial judgment against Zeepay's CEO by the High Court?

Accepted Answer

$11.6 million

Answer

$1 million

Answer

$5 million

Answer

$20 million