Taptap Send has announced the suspension of its operations in Ghana following an official directive from the Bank of Ghana (BoG). The directive, issued on October 31, 2024, mandates the temporary cessation of Taptap Send’s partnerships with Enhanced Payment Service Providers (EPSPs) and commercial banks across Ghana, starting November 8, 2024.
The BoG’s decision follows a breach of specific regulatory guidelines under the Foreign Exchange Act, 2006 (Act 723) and the Updated Guidelines for Inward Remittance Services for Payment Service Providers. Taptap Send’s operational model reportedly involved a cedi-denominated remittance wallet, which the Bank of Ghana cites as a contravention of local exchange regulations. The Foreign Exchange Act explicitly prohibits conducting foreign exchange business without appropriate licensing under section 3(1).
The central bank highlighted further compliance issues in its notification, underscoring that Taptap Send’s partnerships did not adhere to guidelines regarding local settlement accounts and anti-money laundering (AML) requirements. As outlined, remittance service providers must transfer remittance funds to beneficiaries within 24 hours and avoid non-compliant transactions, ensuring they meet all AML obligations for settlements.
The Bank of Ghana has advised that it will take stringent action should any additional violations occur in Ghana’s remittance landscape. The suspension places a temporary halt on Taptap Send’s ability to facilitate transactions in Ghana, marking a significant impact on users and partners who rely on these services for cross-border remittances.
