Popular money remittance service, Tap-Tap Send has been caught up in a breach of operational act by the Bank of Ghana and faces a one month suspension of operations.
The bank of Ghana in a circular noted that the company has breached the foreign exchange act by operating a “Cedi remittance wallet” which contravenes the activities of the company as enshrined in section 3(1) of the Foreign Exchange Act and paragraphs 7(b, d, and e) of the Updated Guidelines for Inward Remittance Services for Payment Service Providers.
The circular, signed by Samuel Anin on behalf of the Head of the Financial Markets Department, included a cautionary note for all financial institutions involved in remittance services, urging them to adhere strictly to regulatory standards.
The alleged breach of the Act by the company will result in its one month suspension which will take effect from November 8, 2024. When this happens it means Ghanaians who rely on the remittance service to send money to and fro their relatives in Ghana will suffer some frustrations.
The central bank of Ghana also warned in their circular signed by the head of financial markets department, Mr. Samuel Anin that, the central bank will not hesitate to impose severe sanctions on any institutions found to be in breach of the guidelines in the foreseeable future.
