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

According to BoG, the one-month suspension which commenced from November 8, 2024 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).

In a statement, the Bank of Ghana explained that Taptap Send also breached paragraph 7(b), 7(d), 7(e) of the Updated Guidelines for Inward Remittance Services for Payment Service Providers.

“Bank of Ghana has suspended Taptap Send’s partnership with all EPSP’s and commercial banks in Ghana for one-month effective November 8, 2024. 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:”