The Bank of Ghana (BoG) has fined Zeepay Ghana Limited for breaching the Inward Remittance clause and Foreign Exchange Act.

On remittance, Clause 7.3(a) states 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.’

A statement issued by the Bank said it had further suspended the Forex Licence of Zeepay Ghana Limited 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).

It cautioned 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.

Source: Ghana News Agency