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Zeepay Engages in Discussions with Bank of Ghana Over Forex License Suspension

Zeepay Ghana Limited has entered negotiations with the Bank of Ghana (BoG) to address the temporary suspension of its forex license. The Central Bank’s action, attributed to Zeepay’s non-compliance with prescribed protocols for converting settlement funds into the local currency, prompted discussions between the two entities.

The suspension of Zeepay’s forex license by the Bank of Ghana was tied to its failure to adhere to the prescribed use of the average interbank exchange rate as outlined by both the Ghana Association of Banks and the BoG. However, Zeepay clarified that while its forex license faces suspension, its general operating license remains unaffected by the regulatory decision.

In a statement released on 7 December 2023, Zeepay acknowledged the ongoing discussions with the Bank of Ghana to resolve the issues highlighted in the regulatory notice. The company emphasized its commitment to strict compliance with all regulations and guidelines, reassuring the public about the unaffected status of its general operating license.

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The regulatory action by the Bank of Ghana involved the suspension of Zeepay’s forex license and the imposition of a fine due to the breach of the Inward Remittance law’s clause 7.3(a). The suspension, effective from 27th November to 8th December, was attributed to violations of sections 3(1) and 15(3) of the Foreign Exchange Act, 2006 (Act 723).

Zeepay Ghana Ltd, established in 2014, has carved a niche in the digital remittance termination and mobile financial services sector across Africa and the Caribbean. Operating in over 20 countries worldwide with strategic partnerships in major remittance networks, Zeepay remains committed to upholding the highest compliance standards despite facing regulatory challenges.

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