The Bank of Ghana (BoG) has lifted its recent ban on Taptap Send, a popular digital money transfer platform, after a brief suspension. The ban, imposed earlier this year due to regulatory concerns, was lifted on December 4, 2024, following discussions between the platform and the BoG.
Taptap Send, which allows Ghanaians living abroad—particularly in the UK, Europe, the USA, and the UAE—to send money home without charges, can now resume operations in Ghana. The app enables users to transfer funds directly into mobile money wallets or bank accounts in the country.
The initial suspension was linked to the platform’s introduction of a wallet feature that allowed users abroad to hold cedi accounts. According to Darryl Mawutor Abraham, Taptap Send’s Growth Director for Africa, this feature was designed for Ghanaians living in regions like the UK and Europe, where financial institutions can hold foreign currencies. The feature was intended to help users who do not have access to Ghanaian bank accounts but wish to save in cedis.
“We launched a wallet product not for Ghanaian customers but for those living in the UK and Europe, similar to holding a US dollar account in Ghana,” Mawutor explained. Despite the legality of the feature in the UK, it raised concerns with the BoG, leading to the platform’s suspension.
After discussions with the BoG, Taptap Send clarified its operations, and the central bank has now confirmed the platform’s compliance with regulatory standards. “We are now in good standing with the Bank of Ghana, and we have resumed operations,” Mawutor said, though he noted that the cedi wallet feature remains inactive for now.
Taptap Send has become a key player in Ghana’s remittance market, contributing more than a quarter of the country’s total remittances, which amount to approximately $5 billion annually. The platform also supports 120 direct jobs in Ghana through its local call centre operations.
Operating in over 50 countries, including parts of Africa and the US, Taptap Send has facilitated over $10 billion in services since its inception. The lifting of the ban marks a significant milestone for the company and its users, reaffirming its role in Ghana’s vital remittance sector.
Source:TheDotNews