The Bank of Ghana has declared that it has fined and suspended the forex licence of fintech company Zeepay Ghana Limited for violating clause 7.3(a) of the Inward Remittance.

The Central Bank issued the statement in a communication signed by the Secretary of the BoG, Sandra Thompson.

According to the forex regulation, 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”.

Following the non-compliance by the Ghanaian-owned business, the BoG has "suspended the Forex Licence of Zeepay Ghana Limited from November 27th, 2023, to December 8th, 2023, for violation of sections 3(1) and 15 (3) of the Foreign Exchange Act, 2006 (Act 723)," the statement detailed.

The statement additionally warned participants in the industry to strictly adhere to the relevant regulations and guidelines of the forex market.