The sanctions come as a result of Zeepay Ghana Limited's violation of clause 7.3(a) of the Inward Remittance, a clause specifying the procedure for the conversion of settlement funds into the local currency.
According to the clause, the settlement bank is mandated 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.”
As a consequence of this breach, the Bank of Ghana has levied fines against Zeepay Ghana Limited. Additionally, the regulatory body has decided to suspend the Forex License of Zeepay Ghana Limited from November 27, 2023, to December 8, 2023.
This suspension is based on the violation of sections 3(1) and 15(3) of the Foreign Exchange Act, 2006 (Act 723).
In a statement released by the Bank of Ghana, Sandra Thompson (Ms.), the Secretary, emphasized the importance of adherence to applicable forex market regulations and guidelines.
The notice serves as a cautionary directive to 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).