Taptap Send Resumes Ghana Operation after BoG Sanction
Taptap Send has announced the resumption of operation in Ghana following a sanction by the country’s Central Bank.
This was announced through a statement.
“We are excited to resume transfers to Ghana for the thousands of Ghanaians who have come to rely on Taptap Send for their money transfers in the past years,” Darryl Mawutor Abraham, Head of Taptap Send Africa said.
He continued, “We truly appreciate the patience, love, support and understanding of our customers during the suspension period and we are committed to serving the Ghanaian diaspora in full compliance with all applicable regulations.”
The Central Bank of Ghana slapped the remittance service provider with a month’s suspension over breaches.
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.
The Foreign Exchange Act 3(1) states that “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.
Meanwhile, paragraphs 7(d) and (e) of the Updated Guidelines for Inward Remittance Services for Payment Service Providers clearly 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 sanction took effect on November 8.
Source: opemsuo.com/Hajara Fuseini
