The Bank of Ghana has fined and suspended Zeepay Ghana Limited for failing to use the average interbank exchange rate published by the Ghana Association of Banks and the Bank of Ghana for the conversion of settlement funds into the local currency.
In response to the breach, the Bank of Ghana has not only imposed a fine but also suspended the forex license of Zeepay Ghana Limited
“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).”
According to the central bank, the sanction should serve as a strong warning to all participants in the forex market 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.”
