The Bank of Ghana has imposed fines and a temporary suspension on Zeepay Ghana Limited, citing violations relating to the use of exchange rates outlined by regulatory authorities.
The Central Bank issued a statement outlining the penalties and urging strict adherence to forex market regulations.
According to the statement, Zeepay Ghana Limited has been fined for its failure to utilize the average interbank exchange rate, as specified by both the Ghana Association of Banks and the Bank of Ghana, for converting settlement funds into the local currency. This breach led to the imposition of sanctions in accordance with the Foreign Exchange Act, 2006 (Act 723).
The sanctions include a monetary fine and a temporary suspension of Zeepay Ghana Limited’s Forex License. The suspension is effective from November 27, 2023, to December 8, 2023.
The regulatory action is grounded in the violation of sections 3(1) and 15(3) of the Foreign Exchange Act, demonstrating the seriousness with which the central bank views non-compliance in the forex market.
The Bank of Ghana emphasized that this disciplinary measure is not limited to Zeepay Ghana alone but serves as a stern warning to all participants in the forex market. This includes banks, forex bureaus, forex brokers, Dedicated Electronic Money Issuers (DEMIs), Enhanced Payment Service Providers (EPSPs), and Money Transfer Operators (MTOs).
See full statement below: