BoG Suspends Taptap Send’s EPSPs and Commercial Banks Partnership

The Central Bank of Ghana has announced the suspension of the services remittance service provider Taptap Send over breaches.

The one-month suspension takes effect on November 8.

According to a statement issued by the Bank, this was necessitated by the operation of a cedi remittance wallet by Taptap Send, 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.

“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’.

“Paragraph 7(b) of the Updated Guidelines for Inward Remittance Services for Payment Service Providers clearly 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.

“Finally, 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.”

Meanwhile, the provider has said it is working to restore their services to Ghana.

“Transfers to Ghana are temporarily disabled due to a directive from the Bank of Ghana. We’re sorry for the inconvenience, and appreciate your patience as we work to restore the service you know and love,” it said in a notice.

Source: opemsuo.com/Hajara Fuseini