The Bank of Ghana(BoG) has fined Zeepay Ghana Limited, a fintech company for breaching the country’s forex law.
According to BoG, the company failed to use the average interbank exchange rate published by the Ghana Association of Banks and the Bank of Ghana for the conversion of settlement funds into the local currency.
It pointed out that Zeepay breached clause 7.3(a) of the Inward Remittance law.
Clause 7.3(a) states as follows 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”.
In addition, the Central Bank has suspended the forex licence of Zeepay 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).
The statement cautioned forex 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.
