The Bank of Ghana (BoG) has imposed a one-month suspension on Taptap Send’s remittance services with commercial banks, Dedicated Electronic Money Issuers (DEMIs), and Enhanced Payment Service Providers (EPSPs) in Ghana, effective November 8, 2024. This suspension follows regulatory breaches tied to a Cedi remittance wallet operated by Taptap Send.
In its statement, BoG cites a violation of Section 3(1) of Ghana’s Foreign Exchange Act, 2006 (Act 723), which mandates that entities conducting foreign exchange transactions must hold a proper license. Additionally, Taptap Send allegedly failed to adhere to provisions in the Updated Guidelines for Inward Remittance Services, which outline standards for crediting local settlement accounts and enforcing anti-money laundering (AML) and counter-financing of terrorism (CFT) protocols.
Key requirements in the guidelines emphasized by the BoG include a 24-hour timeframe for remittance payments to be credited to beneficiaries and strict AML/CFT compliance by settlement banks. These banks must also report any suspected regulatory breaches to the BoG. The BoG’s Financial Markets Department warned that further non-compliance may lead to severe penalties for offending institutions.