Zeepay engages in talks with Bank of Ghana amid regulatory sanctions
Zeepay, Ghana’s leading non-telco mobile money operator, finds itself in discussions with the Bank of Ghana (BoG) to address regulatory concerns following sanctions imposed by the central bank.
The BoG, in a notice dated November 20, 2023, disclosed that it had levied fines against Zeepay and temporarily suspended its foreign exchange license from November 27 to December 8, 2023. The sanctions were attributed to alleged violations of clauses pertaining to foreign remittances within the Foreign Exchange Act.
The specific nature of Zeepay’s transgressions remains undisclosed, with the BoG refraining from providing detailed insights into the matter. However, industry speculation suggests potential infringements related to forex trading practices, including claims of rates exceeding regulatory limits. Notably, contrasting accounts propose that the rates in question may have been determined by a partner bank rather than directly by Zeepay.
Responding to the BoG’s notice, Zeepay, a key player in Ghana’s financial landscape, affirmed its commitment to resolving the issues raised. The fintech clarified that while its Forex License faced suspension, its general operating license remained unaffected, reassuring customers and the public of uninterrupted services.
In a statement, Zeepay conveyed its ongoing dialogue with the Bank of Ghana, expressing a dedication to stringent compliance with all regulations and guidelines. The company, currently positioned atop the Ghana Club100, emphasized its resolve to navigate the regulatory landscape effectively.
The situation underscores the intricacies of regulatory compliance within the fintech sector and the challenges faced by industry players in aligning with evolving frameworks. As the discussions between Zeepay and the Bank of Ghana progress, further clarity is anticipated regarding the specific infractions and the potential avenues for resolution in this dynamic financial landscape.
