Accra, Ghana, 1 November 2024 – In a decisive move to uphold financial regulations, the Bank of Ghana has announced the suspension of Taptap Send’s partnerships with all Enhanced Payment Service Providers (EPSPs) and commercial banks in the country for one month, effective from 8 November 2024. This decision comes after the discovery that Taptap Send was operating a cedi remittance wallet, in violation of section 3(1) of the Foreign Exchange Act, 2006 (Act 723) and specific guidelines for inward remittance services.
The suspension was officially communicated through a letter addressed to all banks, dedicated electronic money issuers (DEMIs), EPSPs, and the Ghana Interbank Payment and Settlement Systems (GhIPSS). Signed by Samuel Anin, representing the Head of the Financial Markets Department, the letter emphasized strict adherence to financial laws and the serious consequences for breaches.
Key points highlighted in the letter include:
- The Foreign Exchange Act 3(1) states: “A person shall not engage in the business of dealing in foreign exchange without a license issued under this Act.”
- Paragraph 7(b) of the Updated Guidelines instructs partner banks to “Credit the local settlement account of the DEMI or EPSPS with the Ghana Cedi equivalent of inward remittances payable to beneficiaries within twenty-four (24) hours.”
- Paragraphs 7(d) and (e) stipulate 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 Bank of Ghana has made it clear that it will not hesitate to impose severe sanctions on any institution should further violations be discovered. This suspension serves as a stern reminder of the importance of compliance with financial regulations to maintain the integrity of Ghana’s financial system.
Buy From Our Amazon Associate Store
According to a notification from Taptap Send, transfers to Ghana are currently unavailable. The message apologizes for the inconvenience and assures users that efforts are being made to restore the service. The current exchange rate is displayed as $1.00 = GHS 16.15, highlighting the platform’s commitment to transparency even amid the disruption.
“We’re temporarily unable to send transfers to Ghana but are working tirelessly to restore the service you know and love,” read the notice from Taptap Send.
Source: Sankofaonline.com
