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Bank of Ghana fines and suspends forex licence of Zeepay Ghana

November 20, 2023 10:35 PM

The Bank of Ghana has fined Zeepay Ghana Limited for breaching clause 7.3(a) of the Inward Remittance.

Zeepay Ghana

The specific violation pertains to the failure of the settlement bank to adhere to the prescribed average interbank exchange rate outlined in clause 7.3(a).

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The clause mandates the use of the average interbank exchange rate published by the Ghana Association of Banks on the day the transfer is received, or as specified by the Central Bank for converting settlement funds into the local currency.

In response to this breach, the Bank of Ghana has not only imposed a fine but also suspended the forex licence of Zeepay Ghana Limited.

The suspension is effective from November 27, 2023, to December 8, 2023, and is a result of the company's violation of sections 3(1) and 15(3) of the Foreign Exchange Act, 2006 (Act 723).

This notice, according to the central bank, serves as a stern warning to all forex market participants, including banks, forex bureaus, forex brokers, Dedicated Electronic Money Issuers (DEMIs), Enhanced Payment Service Providers (EPSPs), and Money Transfer Operators (MTOs).

They are reminded to strictly adhere to applicable forex market regulations and guidelines.