BoG suspends, fines Zeepay for breaching forex rules

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The Bank of Ghana (BoG) has fined fintech company, Zeepay Ghana Limited, for breaching the country’s forex law.

In addition, the Central Bank has suspended the forex licence of Zeepay from November 27, 2023 to December 8, 2023, for violation of sections 3(1) and 15 (3) of the Foreign Exchange Act, 2006 (Act 723).

A statement from the Bank of Ghana pointed out that Zeepay breached clause 7.3(a) of the Inward Remittance law.

Clause 7.3(a) states as follows that the settlement bank shall “use the average interbank exchange rate published by the Ghana Association of Banks on the day the transfer is received or as prescribed by Bank of Ghana for the conversion of settlement funds into local currency”.

The statement cautioned forex market players including banks, forex bureaus, forex brokers, Dedicated Electronic Money Issuers (DEMIs), Enhanced Payment Service Providers (EPSPs) and Money Transfer Operators (MTOs) to adhere strictly to the applicable forex market regulations and guidelines.