Finance

BoG suspends popular remittance platform over regulatory violations

The Bank of Ghana has suspended popular remittance platform, Taptap Send’s partnerships with payment service providers and commercial banks for one month, effective November 8, 2024.

The BoG said this decision follows Taptap Send’s operation of a cedi remittance wallet, which goes against the Foreign Exchange Act of 2006 and guidelines for money transfer services.

According to the Bank’s statement, Taptap Send violated Section 3(1) of the Foreign Exchange Act, which prohibits engaging in foreign exchange business without a license.

This is due to the operation of a cedi remittance wallet by Taptap 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 as outlined below: 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,” the statement read.

Additionally, Taptap Send did not adhere to the Updated Guidelines for Inward Remittance Services, which require timely crediting of local settlement accounts and strict compliance with anti-money laundering and counter-terrorism financing requirements.

“Paragraph 7(d) and (e) of the Updated Guidelines for Inward Remittance Services for Payment Service Providers clearly 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,” the statement added.

The Central Bank emphasised the importance of following these regulations to maintain the integrity of Ghana’s financial system and warned that any further violations would result in severe penalties.

See the statement below

 

Source: www.ghanaweb.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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