TapTap Send, a leading international money transfer service, is reaffirming its commitment to reversing capital flight from Africa by ensuring that every dollar sent out of the continent is returned through remittances.
Daryl Mawutor Abraham, the company’s Head of Africa, made this declaration at a media engagement in Ghana, marking the resumption of operations in the country after a one-month hiatus due to a regulatory sanction by the Bank of Ghana.
The sanction, issued for TapTap Send’s operation of a cedi-based wallet abroad, which allowed Ghanaians in the diaspora to store funds in cedis for easy transfer back to Ghana, was based on concerns that it violated the country’s foreign exchange and banking laws. TapTap Send has since addressed the issue and resumed operations on December 4, 2023, launching a promotional campaign called TapTap Sanbra Promo to re-engage customers and encourage them to use the platform for their money transfer needs.
Abraham emphasized the significant role that remittances play in Ghana’s economy, noting that Ghana receives about US$5 billion in remittances annually. TapTap Send alone processes more than a quarter of that amount, approximately US$1.5 billion. This sum far surpasses the foreign direct investment (FDI) the country receives each year, which in 2023 totaled US$663 million, and dropped to US$367 million in 2024. Abraham pointed out that remittances provide more direct and sustainable support for the Ghanaian economy than FDI, reaching families, small businesses, and local communities to fund essential sectors such as healthcare, education, and housing.
The company’s vision for Africa is equally ambitious. As the largest international remittance provider to Ghana, TapTap Send is focused on reversing capital flight by ensuring every dollar in the diaspora is transferred back to the continent. Abraham revealed that TapTap Send’s business model allows the company to offer free transfers to Africa, with its revenues coming from margins on foreign exchange trading. He stressed that this model is sustainable and contributes significantly to both the company’s success and the broader economic development of the region.
Currently, TapTap Send employs around 120 call center staff in Ghana, with plans for future expansion. The company has also been actively investing in the country’s economy, providing jobs and supporting businesses. Abraham acknowledged that while Ghana’s regulatory environment for digital finance is generally favorable, there is room for improvement through more robust engagement with industry players like TapTap Send, which are critical in driving the remittance flows that support the country’s economy.
Regarding the controversial cedi-based wallet, Abraham explained that while the product has regulatory approval in Europe and the UK, it was temporarily suspended in Ghana. The company is awaiting a clear and definitive approval from the Bank of Ghana before reintroducing the product.
To encourage customer engagement, TapTap Send has launched the TapTap Sanbra Promo, which gives customers in the diaspora the chance to win return air tickets to Ghana and cash prizes when they send money through the platform. Additionally, recipients in Ghana have the opportunity to win cash prizes of up to GHS100,000. The company has also introduced a charity feature within its app, where it matches every dollar sent to qualifying charities in Ghana, with a total contribution of up to GHS1 million per charity.
Beyond remittances, TapTap Send continues to play an active role in supporting Ghana’s creative and tech industries. The company regularly supports about 40 content creators and influencers in the country, and it provides a platform for Ghanaians in the diaspora to connect via Zoom for socializing and accessing resources like legal, medical, and immigration advice. TapTap Send also sponsors key events, including Tech in Ghana, the Ghana Fintech Awards, and Child In Tech, further contributing to the growth of the country’s tech ecosystem.
TapTap Send’s resumption of services in Ghana and its commitment to facilitating seamless cross-border money transfers further underscores its critical role in the financial ecosystem of the region. As it continues to invest in the country and expand its services, the company remains focused on reversing capital flight, supporting local economies, and contributing to the overall development of Africa.
