The Bank of Ghana (BoG), the regulator of the country’s financial sector, has lifted its less-than-a-month ban on Taptap Send, a fast-growing digital money transfer platform operating in Ghana and many other countries.

Earlier this year, the BoG banned the platform from operating in Ghana following what the bank perceived as violations of the law. However, after weeks of resolving the matter, the ban was lifted, effective December 4, 2024.

The Taptap Send app allows Ghanaians living abroad, particularly in the United Kingdom (UK), Europe, the United States of America (USA), and the United Arab Emirates (UAE), to send money home free of charge.

With the ban now lifted, users in the diaspora can once again send money to Ghana through the Taptap Send app, directly into Ghanaian mobile money wallets or traditional bank accounts.

Speaking about the reason behind the BoG's initial decision, Taptap Send’s Growth Director for Africa, Darryl Mawutor Abraham, explained that, as part of their innovation, the company added a wallet feature to the app. This allowed Ghanaians abroad to create a cedi account on the platform while living overseas. He revealed that, in the UK, the law permits financial institutions to create accounts that hold foreign currencies, which is why they introduced the wallet.

“We launched a wallet product not for Ghanaian customers but for those living in the UK and Europe, similar to how you can hold a US dollar account here in Ghana without needing to engage with the US government. Companies in the UK hold an E-Money licence, which allows them to issue any currency they choose,” Mr Mawutor said.

He explained that this service was unavailable to the Ghanaian diaspora, prompting Taptap Send to innovate. “There are many Ghanaians in the UK and Europe who don’t have Ghanaian bank accounts because they’ve been away for a long time, but they want to save in cedis. The licence we have in the UK allows us to help these customers save some of their money in cedis, and hold it there. This is completely legal in the UK,” he said.

However, the BoG initially raised concerns, leading to the suspension of the platform in Ghana. Mr Mawutor noted that the Taptap Send team engaged in discussions with the BoG. “We had to engage with them and explain the situation,” he said.

After these discussions, Mr Mawutor confirmed that the BoG understood the platform’s operations, leading to the lifting of the ban. “They (BoG) understand it and lifted the ban. While they have yet to make a public statement, I can assure you that we are now in good standing with the Bank of Ghana, and we have resumed operations,” he added.

Although the cedi wallet feature on the app is not yet active, users can still access other services, including money transfers from the diaspora to Ghana.

Speaking at a press engagement in Accra to announce the return of Taptap Send, Mr Mawutor highlighted the company’s significant contribution to Ghana’s remittances over the years.

He noted that Ghana currently receives around $5 billion annually from remittances, which, according to the BoG, exceeds the country’s Foreign Direct Investment (FDI). Mr Mawutor claimed that Taptap Send alone contributes “more than a quarter of Ghana’s total remittances.”

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.

Over the years, Taptap Send has generated over $10 billion annually in services provided to its customers.