The Bank of Ghana has suspended the forex license of Zeepay Ghana Limited for violating sections 3(1) and 15 (3) of the Foreign Exchange Act, 2006 (Act 723).
The suspension begins 27th November 2023 to 8th December 2023.
In a statement signed by the Secretary of the BOG, Ms Sandra Thompson and copied to RGG News, she said that Zeepay Ghana Limited Ghana was also fined for breaching clause 7.3 (a) of the Inward Remittance.
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.
“By this Notice, forex market players including banks, forex bureaus, forex brokers, Dedicated Electronic Money Issuers (DEMIs), Enhanced Payment Service Providers (EPSPs) and Money Transfer Operators (MTOs) are hereby cautioned to adhere strictly to the applicable forex market regulations and guidelines,” the statement read.
