Central Bank Fines Zeepay Ghana Limited, Suspends Forex Licence


THE BANK of Ghana says it has fined Zeepay Ghana Limited for breaching clause 7.3(a) of the Inward Remittance.

Its latest notice to the public issued by its Secretary, Sandra Thompson, and dated 20th November, 2023, which made this known, said Clause 7.3(a) 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 indicated it 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 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,” it mentioned.