The Bank of Ghana (BOG) has temporarily suspended and fined Zeepay Ghana Limited for a clause breach.
The Central Bank in a notice on Monday, November 20, stated that the company failed to utilise the average interbank exchange rate provided by the Ghana Association of Banks and the Bank of Ghana during the conversion of settlement funds into the local currency.
“Further, 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),” the statement read.
The bank therefore advised forex market players to adhere strictly to regulations and guidelines.
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