Bank Of Ghana Temporarily Suspends Forex License Of Zeepay For Rule Violation

The Bank of Ghana has fined Zeepay Ghana for breaching a clause in its Inward Remittance guidelines.

Zeepay violated Clause 7.3(a) which states that a 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”.

Digging Deeper

Bank of Ghana has also 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).

The Bank of Ghana also sent notice to other stakeholders to adhere strictly to the applicable forex market regulations and guidelines.

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