The Bank of Ghana has fined Zeepay Ghana Limited for allegedly failing to use the average interbank exchange rate given by the Ghana Association of Banks and the Bank of Ghana during the conversion of settlement money into local currency.
As a result, its forex license has been suspended, although temporarily, from November to December.
On Monday, November 20, the Central Bank published a statement confirming this occurrence.
“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).”
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