With the Bank of Ghana, Zeepay Ghana Limited has started a dialogue to address the suspension of its foreign exchange license.

Due to Zeepay Ghana’s failure to convert settlement funds into local currency using the average interbank exchange rate provided by the Bank of Ghana and the Ghana Association of Banks, the Central Bank temporarily suspended the company’s forex license last week.

But Zeepay stated in a release that discussions to resolve the matter are still going on.

In addition, Zeepay was penalized for violating Act 723’s sections 3(1) and 15 (3) of the Foreign Exchange Act, 2006.”

“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 said in a communique.

Zeepay assured the public that it strictly complies with all regulatory requirements and stated that the reason it is still in operation is that its general operating license is still valid.