TapTap Send, a major player in Africa-focused money transfers, is calling for a more collaborative regulatory environment in Ghana following a recent one-month suspension by the Bank of Ghana (BoG).
The suspension, triggered by an alleged violation of banking and forex laws concerning a cedi-based wallet for Ghanaians abroad, resulted in an estimated US$100 million loss in remittances during November 2024.
TapTap Send's Head of Africa, Daryl Mawutor Abraham, in an interaction with the media on Monday, December 16, clarified that the wallet was exclusively for Ghanaians living abroad to hold cedis for transfers back home, similar to domestic banks offering dollar accounts without US regulatory approval.
He further argued that proactive engagement with the BoG could have prevented the sanctions and the subsequent disruption of vital remittance flows.
