The company has also been fined for breaching clause 7.3(a) of the Inward Remittance law.
A statement issued by BoG on Monday (20 November) said the suspension will take effect from 27 November to 8 December.
“The Bank of Ghana has fined Zeepay Ghana Limited for breaching clause 7.3(a) of the Inward Remittance.
“Clause 7.3(a) states as follows 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”.
“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 BoG statement said.
The Bank has also cautioned forex market players including forex bureaus, forex brokers to adhere strictly to the applicable forex market regulations and guidelines.
“By this Notice, forex market players including banks, forex bureaus, forex brokers, Dedicated Electronic Money Issuers (DEMIs), Enhanced Payment Service Providers (EPSPs) and Money Transfer Operators (MTOs) are hereby cautioned to adhere strictly to the applicable forex market regulations and guidelines,” the BoG statement added.
Zeepay is the fastest growing wholly Ghanaian owned fin-tech in Ghana focusing on digital rails to connect digital assets such as mobile money wallets, cards, ATMs, Bank Accounts and Digital tokens to International Money Transfer Operators, Payments, Subscriptions, International Airtime and Refugee payments.
This is an effort to promote and improve financial inclusion which in turn will make the world a better place to live.
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