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Bank of Ghana fines and suspends forex licence of Zeepay Ghana Limited

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Bank of Ghana fines and suspends forex licence of Zeepay Ghana Limited :The Bank of Ghana has fined Zeepay Ghana Limited for breaching clause 7.3(a) of the Inward Remittance Guidelines.

The clause states 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”.

The Bank has also 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).

This is the first time that the Bank of Ghana has taken such an action against a mobile money operator. The move is seen as a signal to the industry that the Bank is serious about cracking down on forex irregularities.

The Bank of Ghana has cautioned all forex market players, including banks, forex bureaus, forex brokers, Dedicated Electronic Money Issuers (DEMIs), Enhanced Payment Service Providers (EPSPs) and Money Transfer Operators (MTOs), to adhere strictly to the applicable forex market regulations and guidelines.

The suspension of Zeepay’s forex licence is likely to have a significant impact on the company’s business. Zeepay is one of the leading mobile money operators in Ghana, and it relies heavily on its forex licence to facilitate inward remittances.

The suspension is also likely to have a negative impact on the Ghanaian economy as a whole. Ghana is a major recipient of remittances, and Zeepay plays a significant role in channeling these remittances to the country.

The Bank of Ghana’s actions are a reminder to all forex market players that they must comply with all applicable regulations. Failure to do so could result in severe penalties, including the suspension or revocation of their forex licence.

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