BoG fines Zeepay Ghana Limited, suspends  Forex license

Zeepay Partnership

The Bank of Ghana (BoG) has fined Zeepay Ghana Limited for breaching the Inward Remittance clause and ForeignExchange Act.

On remittance, Clause 7.3(a) 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.”

A statement issued by the Bank said it had further suspended the Forex Licence of Zeepay Ghana Limited from November 27, 2023, to December 8, 2023, for violation of sections 3(1) and 15 (3) of the Foreign Exchange Act, 2006 (Act 723).

It cautioned 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.

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The Ghana news Agency (GNA) was established on March 5, 1957, i.e. on the eve of Ghana’s independence and charged with the “dissemination of truthful unbiased news”. It was the first news agency to be established in Sub-Saharan Africa. GNA was part of a comprehensive communication policy that sought to harness the information arm of the state to build a viable, united and cohesive nation-state. GNA has therefore been operating in the unique role of mobilizing the citizens for nation building, economic and social development, national unity and integration.