Zeepay Ghana Limited was penalised by the Bank of Ghana for not converting settlement monies into local currency using the average interbank exchange rate that was released by the Bank of Ghana and the Ghana Association of Banks.
Furthermore, Zeepay's foreign exchange licence has been suspended by the Central Bank from November 27, 2023 to December 8, 2023 due to a breach of sections 3(1) and 15 (3) of the Foreign Exchange Act, 2006 (Act 723).
According to a statement from the Bank of Ghana, Zeepay violated the Inward Remittance law's clause 7.3(a).
According to Clause 7.3(a), the settlement bank must "convert settlement funds into local currency using 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," the clause reads.
Additionally, it issued a warning to all parties involved in the forex market, such as banks, forex bureaus, brokers, Dedicated Electronic Money Issuers (DEMIs), Enhanced Payment Service Providers (EPSPs), and Money Transfer Operators (MTOs), to rigorously abide by the rules and regulations that apply to the forex market.
