Bank of Ghana suspends and fine Zeepay

Zeepay Ghana Limited has been fined by the Bank of Ghana for violating a specific rule related to Inward Remittances. The breach involves the settlement bank not adhering to the required average interbank exchange rate outlined in clause 7.3(a).

The rule in question mandates that the settlement bank uses the average interbank exchange rate provided by the Ghana Association of Banks on the day the transfer is received. Alternatively, if not available, the Central Bank’s specified rate should be used to convert settlement funds into the local currency.

In response to this violation, the Bank of Ghana imposed both a fine and a suspension of Zeepay Ghana Limited’s forex license. The suspension is effective from November 27, 2023, to December 8, 2023, resulting from the company’s infringement of sections 3(1) and 15(3) of the Foreign Exchange Act, 2006 (Act 723).

The central bank’s notice serves as a stern 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). They are reminded to strictly adhere to applicable regulations and guidelines to maintain the integrity of the forex market.