Taptap Send: BoG Suspension Costs Company $100 Million in Transactional Value
Money transfer company, Taptap Send Ghana lost over $100 million in transactional value for the month of November due to the suspension of its activities in the country by the Bank of Ghana (BoG).
Making the disclosure to norvanreports on Monday, December 16, Growth Director for Taptap Send Africa, Darryl Mawutor Abraham, quipped the suspension severely impacted the company’s revenue for the month of November occasioned by the zero transactions recorded for the period.
“Taptap Send processes about $100m in money transfers monthly, and so for the month of November, we recorded zero money transfers due to the suspension, and that also affected our revenue for November. We also lost some customers who we are now trying to get back,” posited Mr Abraham.
Speaking further to norvanreports, Mr Abraham averred the introduction of the wallet product for which the company was suspended by the BoG, is currently still off the market and will only be re-introduced into the market upon approval by the Bank of Ghana.
“We have resolved all issues with the Bank of Ghana about the wallet product, for now we are still engaging the BoG on re-introducing the wallet product.
“But that will be done once we get an approval from the Bank of Ghana to do so,” he remarked.
Meanwhile, Taptap Send, has resumed its services in Ghana after the brief suspension by the BoG.
The company’s operations are now fully functional, allowing users to send money from the UK, Europe, Canada, the United States, and the UAE to their loved ones in Ghana.
The suspension, which lasted for one month, was a result of a directive from the Bank of Ghana (BoG).
The directive required Taptap Send to temporarily halt partnerships with local banks and fintech companies due to concerns surrounding the company’s recently launched wallet product.
However, the BoG lifted the suspension on December 4, 2024, earlier than anticipated, enabling the resumption of its services.
Taptap Send is a digital-only cross-border money transfer service that operates in several countries, including the UK, Europe, the USA, Canada, and the UAE.
The company maintains its regulatory compliance and has reaffirmed its commitment to adhering to all relevant regulations.
The resumption of Taptap Send’s services comes as a significant relief to Ghanaians abroad, many of whom rely on the platform for fast, secure, and affordable remittances to support their families back home.
