The Bank of Ghana (BoG) has fined Zeepay Ghana Limited for breaching Clause 7.3(a) of the Inward Remittance Foreign Exchange Act.
Clause 7.3(a) of the Act 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”.
Further, the Bank has 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).
10 MMDCEs hot as damning report could lead to dismissal
“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 Regulator said in a statement on Monday, November 20.