The Bank of Ghana (BOG) has suspended Taptap Send, an international remittance platform, from partnering with regulated financial institutions in Ghana for one month starting November 8, 2024, due to foreign exchange and remittance laws violations.
The primary violation involved TapTap Send operating a "cedi remittance wallet" without proper licensing, contravening Section 3(1) of the Foreign Exchange Act, 2006 (Act 723), which requires licensing for foreign exchange business operations.
The suspension, communicated through a circular to all enhanced payment service providers, banks, mobile money operators and the Ghana Interbank Payment and Settlement Systems, also cites violations of specific guidelines concerning inward remittance services.
These violations relate to settlement timing requirements, payment processing procedures, and anti-money laundering compliance standards as outlined in paragraphs 7(b, d and e) of the Updated Guidelines for Inward Remittance Services for Payment Service Providers.
