Zeepay Ghana Limited Faces Forex License Suspension Over Alleged Exchange Rate Violations

In a recent turn of events, Zeepay Ghana Limited has found itself in hot water with the Bank of Ghana, leading to the imposition of a fine and a temporary suspension of its forex license.

The Bank of Ghana alleges that the fintech company failed to adhere to the prescribed average interbank exchange rate during the conversion of settlement funds into the local currency.

The regulatory action comes as a result of Zeepay Ghana Limited’s purported violation of sections 3(1) and 15(3) of the Foreign Exchange Act, 2006 (Act 723).

The Bank of Ghana issued a statement on Monday, November 20, confirming the penalty and suspension. According to the statement, the suspension will be effective from November 27, 2023, to December 8, 2023.

This move by the Central Bank underscores the importance of strict adherence to established financial regulations, particularly in the realm of foreign exchange.

The average interbank exchange rate is a crucial benchmark, and any deviation from it can have significant implications for both financial institutions and the broader economy.

Zeepay Ghana Limited, known for its fintech solutions, now faces the challenge of rectifying its alleged non-compliance issues within the stipulated timeframe.

The temporary suspension serves as a stern reminder to all financial entities to ensure meticulous compliance with regulatory guidelines to maintain the integrity of the financial system.