BoG suspends Taptap Send's remittance termination partnership

Money transfers to Ghana from abroad through Taptap Send has been temporarily disabled due to a suspension of the remittance termination partnership of Taptap Send by the Bank of Ghana (BoG). 

This means anybody trying to send money through Taptap Send will not be able to do so in the next one month.

The Bank of Ghana on November 1, 2024 announced that it has suspended the remittance termination partnership of Taptap Send for one month.

The Bank of Ghana said Taptap Send's partnerships with all EPSPs and commercial banks in Ghana had been suspended for one-month effective November 8, 2024. 

This is due to the operation of a cedi remittance wallet by Taptap Send, which is in violation of section 3(1) of the Foreign Exchange Act, 2006 (Act 723) and paragraph 7(b), 7(d), 7(e) of the Updated Guidelines for Inward Remittance Services for Payment Service Providers.

The BoG explained that: 

"Foreign Exchange Act 3(1) states "a person shall not engage in the business of dealing in foreign exchange without a licence issued under this Act".

"Paragraph 7(b) of the Updated Guidelines for Inward Remittance Services for Payment Service Providers clearly instructs partner banks to

"Credit the local settlement account of the DEMI or EPSPS with the Ghana Cedi equivalent of inward remittances payable to beneficiaries within twenty-four (24) hours".

"Finally, paragraph 7(d) and (e) of the Updated Guidelines for Inward Remittance Services for Payment Service Providers clearty stipulates that the settlement bank shall not honour any request other than for payment to beneficiaries and report any violation or suspected violation to the Bank of Ghana" and "ensure that all AML/CFT requirements are satisfied for all settlement accounts regarding inflows and outflows".

It said the BoG will not hesitate to severely sanction any institution should any further breaches come to its notice.

Taptap Send has since put a notice on its App stating: “Transfers to Ghana are temporarily disabled due to a directive from the Bank of Ghana. We're sorry for the inconvenience, and appreciate your patience as we work to restore the service you know and love.

“We're temporarily unable to send transfers to Ghana, but we're working to restore service as soon as possible,” it said.

Writer's email: enoch.frimpong@graphic.com.gh 

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