Last week, the Central Bank says it has temporarily suspended the forex licence of Zeepay Ghana for failing to use the average interbank exchange rate published by the Ghana Association of Banks and the Bank of Ghana for the conversion of settlement funds into the local currency.

Zeepay was also fined for breaching sections 3(1) and 15 (3) of the Foreign Exchange Act, 2006 (Act 723).”

But in a release, Zeepay said talks are ongoing to address the issue.

While assuring the general public of strictly complying with all regulatory guidelines, it said it remains in business because its general operational license remains intact.

“With Reference to the recent Bank of Ghana Notice (Notice No. BG/GOV/SEC/2023/20) dated November 20, 2023, and titled “Fine and Suspension of Forex Licence of Zeepay Ghana Limited”, we write to inform the general public that we are currently in discussions with the Bank of Ghana to resolve the issues raised in the Notice. However, please note that our general operating licence was not expressly impacted by the Bank’s recent decision. We will ensure strict compliance with all regulations and guidelines”, Zeepay said in its statement.

The sanction according to the Bank of Ghana should serve as a strong warning to all participants in the forex market including banks, forex bureaus, forex brokers, Dedicated Electronic Money Issuers (DEMIs), Enhanced Payment Service Providers (EPSPs) and Money Transfer Operators (MTOs) and that they should “adhere strictly to the applicable forex market regulations and guidelines.”

About Zeepay

Founded in 2014, Zeepay Ghana Ltd is a leading provider of digital remittance termination and ancillary mobile financial services in Africa and the Caribbean.

The company has a footprint in over 20 countries worldwide and has partnerships with major remittance players. Zeepay is proud to be a wholly owned Ghanaian company.

In Ghana, it is regulated by the Bank of Ghana under the license #00001.