The Bank of Ghana (BoG) has imposed a one-month suspension on TapTap Send, an international remittance service, citing violations of the country’s remittance regulations. The suspension, effective from November 8, 2024, halts TapTap Send’s operations with regulated financial institutions, including banks and mobile money providers.
The suspension stems from TapTap Send‘s failure to comply with the Foreign Exchange Act, 2006 (Act 723), and its inability to meet the requirements outlined for remittance services. These guidelines mandate that remittance funds be paid out in Ghanaian Cedis within 24 hours, with a strict adherence to anti-money laundering protocols. TapTap Send reportedly failed to meet these standards, prompting the BoG’s intervention.
With BoG’s decision, regulatory compliance is highlighted as an important part of Ghana’s financial sector, especially in an economy moving towards digital remittance services.
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