Audio By Carbonatix
The Growth Director of Taptap Send, a digital money transfer platform operating in Ghana and several other African countries, Darryl Mawutor Abraham, has stated that the company's platform alone currently accounts for "more than a quarter" of Ghana’s total remittances
Currently, Ghana receives around $5 billion in remittances, a figure that surpasses the country's Foreign Direct Investment. Remittances have played a significant role in Ghana's economic growth and have been increasing in recent years.
According to Mr Mawutor, the Ghanaian government benefits substantially from the remittances sent through platforms like Taptap Send.
"Remittances to Ghana total approximately $5 billion, which is significant. Taptap Send alone accounts for more than a quarter of that as a single entity. While there are several players in the remittance space, Taptap Send is currently the largest in Ghana," he explained.
Remittances, typically a transfer of money by people working abroad to family or friends in their home country through financial institutions, money transfer services, or digital platforms, play a vital role in the economies of many developing countries.
Mr Mawutor further noted that the company facilitates the movement of up to $10 billion from the diaspora to Africa annually, with Ghana being a key destination.
Taptap Send, which was temporarily banned from the Ghanaian financial market by the Bank of Ghana, has recently been granted permission to resume operations.
Taptap Send has also created 120 direct jobs through its call centre services in Ghana.
The five-year-old company operates in 50 states in the USA, parts of Africa, and other developed nations worldwide.
Read also: Taptap Send users urged to revisit the App as service resumes after temporary break
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