The Bank of Ghana fined Zeepay Ghana Limited for failing to use the Ghana Association of Banks and the Bank of Ghana’s average interbank exchange rate for the conversion of settlement money into local currency.
The Central Bank reported on this situation in a statement.
“Further, the Bank has suspended the Forex Licence of Zeepay Ghana Limited from 27th November 2023 to 8th December 2023, for violation of sections 3(1) and 15 (3) of the Foreign Exchange Act, 2006 (Act 723).”
The top bank stated that the sanction should serve as a strong 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), and that they should “adhere strictly to the applicable forex market regulations and guidelines.”
