Bank of Ghana, the apex regulatory body in Ghana has handed down a 1 month suspension, effective November 8 2024, to an international remittance company, Tap Tap Send, for breaching remittance regulations in Ghana.
Tap tap Send’s partnerships with all commercial banks and EPSPs was suspended because its “cedi remittance wallet” violated section 3(1) of the Foreign Exchange Act, 2006 (Act 723) and some guidelines for Inward Remittance Services for payment Service Providers as outlined below: Foreign Exchange Act 3(1) states “a person shall not engage in the bsuiness of dealing in foreign exchange without a licence under this Act,”.
The apex bank emphasised the importance of following these regulations to maintain the integrity of Ghana’s financial system.
Tap Tap Send is a mobile money transfer service that allows people to send funds internationally quickly and affordably using their smartphones. Tap Tap Send was founded in 2018 by Michael Faye, who previously co-founded GiveDirectly, a nonprofit focused on direct cash transfers to alleviate poverty. Faye, along with the Tap Tap Send team, launched the service with the goal of reducing remittance costs and improving financial inclusion in emerging markets.
Designed with a focus on simplicity and accessibility, it enables users, primarily in the diaspora, to send remittances to family and friends in various countries, especially across Africa and parts of Asia. The app supports sending to mobile wallets, which are prevalent in many recipient countries, allowing funds to be received and accessed digitally.
It started its operations in Ghana in mid-2020. Since then, it has expanded its reach and grown popular among the Ghanaian diaspora for sending money to mobile wallets in Ghana quickly and affordably.
