The Bank of Ghana (BoG) has fined fintech company, Zeepay Ghana Limited, for breaching the country’s forex law.
In addition, the Central Bank has suspended the forex licence of Zeepay from November 27, 2023 to December 8, 2023, for violation of sections 3(1) and 15 (3) of the Foreign Exchange Act, 2006 (Act 723).
A statement from the Bank of Ghana pointed out that Zeepay breached clause 7.3(a) of the Inward Remittance law.
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”.
The statement cautioned forex market players including banks, forex bureaus, forex brokers, Dedicated Electronic Money Issuers (DEMIs), Enhanced Payment Service Providers (EPSPs) and Money Transfer Operators (MTOs) to adhere strictly to the applicable forex market regulations and guidelines.
Latest Stories
-
‘I did not bribe anybody, my action was misconstrued’ – MP involved in Ejisu ‘envelope’ incident
15 mins -
Respect is earned, not commanded – Raymond Atuguba tells public officials
34 mins -
TikTok and Universal settle music royalties dispute
47 mins -
Failure to properly transfer gun ownership can land you behind bars
56 mins -
Reduce over-reliance on imports to stabilise cedi – TUC boss tells Ghanaians
1 hour -
‘We’re taking it game by game’ – Ibrahim Tanko on Accra Lions’ title ambitions
1 hour -
Nigerians pick sides as Wizkid and Davido clash online
1 hour -
Nigeria Workers’ Day: Civil servants get pay rises up to 35%
2 hours -
“I am the Austrian team boss with all my heart,” Rangnick turns down Bayern
2 hours -
Failed asylum seeker given £3,000 to go to Rwanda
2 hours -
Nigerian gasoline prices soar as shortages worsen cost of living crisis
2 hours -
Paris 2024: We will win medal at Olympics if government invests more – GPC President
2 hours -
Akufo-Addo calls for protection of Ghana’s democratic reputation and identity
2 hours -
Apple working to fix alarming iPhone issue
2 hours -
‘You won’t win GPL title without your own stadium’ – Bashir Hayford tells Kotoko, Hearts
2 hours