Zeepay Ghana Limited has incurred a fine from the Bank of Ghana for its alleged failure to utilise the average interbank exchange rate provided by the Ghana Association of Banks and the Bank of Ghana during the conversion of settlement funds into the local currency.

Its forex license has consequently been suspended, albeit temporarily, from November to December.

The Central Bank issued a statement on Monday, November 20, to confirm this development.

“Further, the Bank has suspended the Forex Licence of Zeepay Ghana Limited from 27th November 2023 to 8th December 2023, for violation of sections 3(1) and 15 (3) of the Foreign Exchange Act, 2006 (Act 723).”