Taptap Send, a leading global fintech company, has reinstated its money transfer services to Ghana after the Bank of Ghana lifted a temporary suspension on December 4, 2024.
“After a brief pause, you can now resume sending money from the UK, Europe, Canada, United States of America and the UAE to your loved ones in Ghana with immediate effect. We understand how important it is for you to stay connected and support your family, and we’re thrilled to bring this service back. This pause was due to a temporary directive from the Bank of Ghana suspending our partnership with local banks and fintechs in Ghana for one month, which concerned our newly launched wallet product.” a statement said.
The suspension, which began on November 8, 2024, was imposed by the Bank of Ghana due to regulatory concerns surrounding Taptap Send’s newly introduced cedi wallet product. This pause disrupted the company’s partnerships with local banks and fintech firms in Ghana.
The Bank of Ghana cited violations of the Foreign Exchange Act of 2006, specifically Section 3(1), which prohibits engaging in foreign exchange activities without the required license. Furthermore, Taptap Send was found non-compliant with updated guidelines for inward remittance services. These guidelines mandate that providers ensure timely crediting of settlement accounts in local currency and maintain robust anti-money laundering (AML) and counter-terrorism financing (CFT) standards.
Paragraphs 7(d) and 7(e) of the guidelines also require remittance providers to report suspected violations to the Bank of Ghana and to ensure AML/CFT compliance for all accounts involved. Taptap Send’s failure to meet these standards prompted the regulator to take swift action.
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Darryl Mawutor Abraham, Head of Taptap Send Africa, expressed gratitude to customers.
“We are excited to resume transfers to Ghana for the thousands of Ghanaians who have come to rely on Taptap Send for their money transfers over the years. We truly appreciate the patience, love, support, and understanding of our customers during the suspension period, and we remain committed to serving the Ghanaian diaspora in full compliance with all applicable regulations.” said Darryl.
Taptap Send, which enable seamless transfers from the UK, Europe, the U.S., Canada, and the UAE to recipients in Ghana, has reaffirmed its commitment to regulatory compliance and maintaining a secure, efficient platform for its users.