Zeepay Ghana Limited says it is actively engaged in discussions with the Bank of Ghana to address the temporary suspension of its forex licence.
The Central Bank recently suspended Zeepay’s forex license, citing non-compliance with the use of the average interbank exchange rate for the conversion of settlement funds into the local currency, as stipulated by the Ghana Association of Banks and the Bank of Ghana.
In addition to the suspension, Zeepay was fined for violating sections 3(1) and 15(3) of the Foreign Exchange Act, 2006 (Act 723). However, in an official statement, Zeepay expressed its commitment to resolving the issue through ongoing talks with the Bank of Ghana.
While assuring the public of its dedication to strict compliance with all regulatory guidelines, Zeepay clarified that its general operational licence remains unaffected by the recent decision of the Bank of Ghana.
An official statement issued by Zeepay reads, “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 indicated that its interaction with the Bank of Ghana reflects its commitment to addressing the concerns raised and finding a resolution that aligns with regulatory requirements.
The company emphasised its ongoing business operations, underscoring the integrity of its general operating licence.
The Bank of Ghana, in issuing the suspension and fine, emphasised the importance of adherence to forex market regulations and guidelines by all participants, including banks, forex bureaus, forex brokers, Dedicated Electronic Money Issuers (DEMIs), Enhanced Payment Service Providers (EPSPs), and Money Transfer Operators (MTOs).
Established in 2014, Zeepay Ghana Ltd stands as a prominent provider of digital remittance termination and ancillary mobile financial services in Africa and the Caribbean.
With a presence in over 20 countries worldwide and key partnerships with major remittance players, Zeepay operates as a wholly-owned Ghanaian company.
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