Bank Of Ghana fines and suspends the Forex License of Zeepay from 27th November to 8th December 2023.

Ward NunooJanuary 14, 2024Last Updated: January 14, 2024

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In a publication made to the General Public by the Bank of Ghana, it states that the forex license of Zeepay has been suspended and the company has also been fined.

This suspension was due to the fact that they were against Clause 7.3(a) which states 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 the Bank of Ghana for conversion of settlement funds into local currency.

Zeepay being a forex trading company and a financial institution however has breached this law is being fined by the Bank of Ghana.