BoG fines, suspends Zeepay Ghana’s forex licence for 11 days over foreign exchange regulations breach

The Bank of Ghana (BoG) has fined Zeepay Ghana Limited and suspended its forex licence for 11 days for breaching foreign exchange regulations.

In a notice issued on November 20, BoG secretary Sandra Thompson announced Zeepay had been sanctioned for violating clause 7.3(a) of the Inward Remittance guidelines and sections 3(1) and 15(3) of the Foreign Exchange Act.

Clause 7.3(a) requires settlement banks like Zeepay to "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".

The notice signed by Ms Thompson states: "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)."

By this action, the central bank is cautioning all forex market players including banks, forex bureaus and money transfer operators to "adhere strictly to the applicable forex market regulations and guidelines."