Zeepay Ghana Limited has initiated discussions with the Bank of Ghana (BoG) to resolve the temporary suspension of its forex license.

Last week, the Central Bank took this action, citing Zeepay's failure to use the average interbank exchange rate published by the Ghana Association of Banks and the Bank of Ghana for converting settlement funds into the local currency.

Zeepay faced a fine for breaching sections 3(1) and 15(3) of the Foreign Exchange Act, 2006 (Act 723). However, in an official statement, Zeepay confirmed that ongoing talks are in progress to address and rectify the situation.

The company reassured the public of its commitment to strict compliance with all regulatory guidelines and clarified that its general operational license remains unaffected, ensuring its continued business operations.

“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.”