The suspension comes at the behest of the country’s financial regulator, which has accused the company of breaching money transfer regulations.

The Bank of Ghana has suspended Taptap Send‘s money transfer services from commercial banks, dedicated electronic money issuers (EMEDs) and advanced payment service providers (APSPs) in the country for one month.

The suspension, which came into effect on November 8, 2024 was prompted by “regulatory violations” involving a money transfer wallet operated by Taptap Send. This violation, the central bank said, falls under Section 3(1) of the Ghana Foreign Exchange Act 2006 (Act 723), which requires companies dealing in foreign exchange to obtain a licence to do so.

Taptap Send is also accused of “contravening certain provisions of the updated Guidelines for Inbound Money Transfer Services”, which set standards for crediting local settlement accounts and establish anti-money laundering and counter-terrorist financing (CFT) protocols.

TapTap Send tells its side of the story

The application’s managers, quoted by Agence Ecofin, say the suspension is linked to ongoing discussions with the Bank of Ghana about a new electronic wallet product already available in the UK and the European Union. “We are in discussions with the Bank of Ghana about our new wallet product. They have asked us to temporarily suspend transfers to Ghana while these discussions progress,” the platform said.