Bank of Ghana Suspends Taptap Send’s Money Transfer Service.
The Bank of Ghana (BoG) has temporarily suspended Taptap Send's remittance service to Ghana due to violations of local financial regulations. The suspension, effective from November 8, 2024, halts all money transfers from abroad via Taptap Send for one month. The BoG cited issues with the company's operation of a cedi remittance wallet, which breaches the Foreign Exchange Act and guidelines for inward remittance services. Taptap Send has informed its users of the disruption and is working to restore the service. The suspension serves as a warning to other financial institutions to adhere to Ghana's regulations or face strict penalties.