Fintech Friction: TapTap Send advocates for smoother regulatory landscape

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.

Abraham also criticized Ghana’s requirement for new Money Transfer Operators (MTOs) to possess three years of operational experience, deeming it an outlier and a hindrance to innovation.

He emphasized the substantial contribution of remittances to the Ghanaian economy, citing figures of US$5 billion annually, with TapTap Send alone facilitating over US$1.5 billion – significantly surpassing Foreign Direct Investment (FDI) figures.
He believes MTOs should be recognized as key economic drivers, deserving of supportive policies.
While the suspended cedi wallet has been withdrawn pending further engagement with the BoG, TapTap Send has launched initiatives to regain customer trust, including a promotional campaign with prizes for senders and recipients, and a charity matching program.
TapTap Sanbra Promo




TapTap Send has launched the TapTap Sanbra Promo, offering customers in the diaspora chances to win return tickets and cash prizes for sending money, while recipients in Ghana can also win cash rewards.

Additionally, the company has introduced a charity initiative to match up to GHS1 million per qualifying Ghanaian charity for every dollar sent.

Beyond financial services, TapTap Send supports 40 Ghanaian content creators and hosts online sessions for Ghanaians in the diaspora to connect and access essential services.

Source:3news.com