Fintech giant Zeepay has been penalised by the Bank of Ghana for failing to apply 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.
This is according to a statement issued by the BoG, dated November 20, 2023.
According to the statement, the Central Bank also “suspended the forex licence of Zeepay Ghana Limited from November 27th, 2023, to December 8th, 2023, for violation of sections 3(1) and 15(3) of the Foreign Exchange Act, 2006 (Act 723).”
The BoG further cautioned 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), that they should “adhere strictly to the applicable forex market regulations and guidelines.”
In June of this year, the Bank of Ghana suspended the forex licences of Fidelity Bank and First National Bank Ghana for a period of one month.
The two banks were also fined a combined 1000 penalty points each for breaching sections 3.4, 3.5, and 3.9 of the Ghana Interbank Forex Market Conduct Rules.
