Bank of Ghana suspends TapTap Send for one month over remittance law violation

The Bank of Ghana has suspended TapTap Send, an international remittance platform, for one month, effective November 8, 2024, due to alleged breaches of remittance regulations under the Foreign Exchange Act, of 2006.

The central bank cited the operation of a “cedi remittance wallet” without a proper license and violations of inward remittance guidelines.

In a circular to financial institutions, the Bank of Ghana emphasized the need for compliance with regulatory standards, warning that severe sanctions would be imposed on any entity found violating these guidelines in the future.