Home Headlines BoG fines Zeepay for forex violations and suspends license

BoG fines Zeepay for forex violations and suspends license


Zeepay Ghana Limited has been fined by the Bank of Ghana for neglecting to utilize the average interbank exchange rate specified by the Ghana Association of Banks and the Bank of Ghana when converting settlement funds into the local currency.

The Central Bank announced this disciplinary action in a released statement, which also outlined the suspension of Zeepay Ghana Limited’s Forex License from November 27, 2023, to December 8, 2023. The penalty was imposed for violating sections 3(1) and 15(3) of the Foreign Exchange Act, 2006 (Act 723).

The Bank of Ghana emphasized that this penalty serves as a stern caution 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). It urged them to strictly adhere to the applicable forex market regulations and guidelines

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