Grace Ashiru
The Bank of Ghana (BoG) has imposed a one-month suspension on TapTap Send, an international remittance platform, barring it from collaborating with any regulated financial institutions in Ghana. This action was taken due to a violation of remittance regulations.
BoG circulated a notice to banks, electronic money issuers (such as mobile money operators), and the Ghana Interbank Payment and Settlement Systems (GhIPSS). The notice stated that TapTap Send’s “cedi remittance wallet” breached the Foreign Exchange Act, 2006 (Act 723) and specific guidelines for payment service providers handling remittances.
Under Section 3(1) of Act 723, no individual or entity is permitted to engage in foreign exchange dealings without the appropriate license. Additionally, remittance guidelines stipulate that funds must be paid out in Ghanaian Cedis within 24 hours, with stringent monitoring for any suspicious activity or violations to ensure compliance with anti-money laundering regulations. TapTap Send was found to have failed to meet these critical requirements.
The suspension took effect on November 8, 2024, and will last for one month.
