The Bank of Ghana (BoG) has suspended the forex licence of a wholly Ghanaian owned fin-tech Zeepay Ghana Limited for breaching the West African country’s forex law.
A statement issued by the central bank on Monday (November 20) said the sanction takes effect from November 27 to December 8 2023.
Zeepay has also been fined in violation of BoG’s inward remittance law.
The central bank has therefore 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.
Zeepay focuses on digital rails to connect digital assets such as mobile money wallets, cards, ATMs, bank accounts and digital tokens to International Money Transfer Operators, Payments, Subscriptions, International Airtime and Refugee payments.
This is an effort to promote and improve financial inclusion.
Source: Daily Mail GH
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