Our issues with BoG resolved — Zeepay Ghana after remittance breach

Business & Finance Our issues with BoG resolved — Zeepay Ghana after remittance breach
DEC 4, 2023 LISTEN

Payments service provider Zeepay Ghana says its issues with the Bank of Ghana have been resolved after it was fined and had its foreign exchange license suspended over a breach of regulations governing inward remittances.

In a notice issued last month, the central bank said it had fined Zeepay and suspended its forex license from November 27 to December 8 for failing to use the average interbank exchange rate published daily by the Ghana Association of Banks when converting inbound remittance funds into local currency.

This, BoG said violated sections 3(1) and 15(3) of Ghana's Foreign Exchange Act.

Zeepay has now notified customers that the problems affecting its international money transfer service have been fixed.

"Zeepay Ghana would like to inform all its esteemed customers that we are aware you've experienced issues that affected all 3rd Party P2P transfers (send money) feature," the company said in a statement on Sunday, December 3.

It added: "The issue is now resolved but we sincerely apologise for the inconvenience this has caused. Thank you for your patience."

The resolution comes as a relief to Zeepay users who rely on the service to receive cross-border remittances.

The breach and resulting regulatory action had disrupted a key financial product for both individual and business customers.

Isaac Donkor Distinguished
Isaac Donkor Distinguished

News ReporterPage: IsaacDonkorDistinguished