Money transfer operator Taptap Send has fully restored its remittance services to Ghana after what the company described as fruitful engagement with the Bank of Ghana (BoG), ending a suspension that threatened to disrupt millions of dollars in diaspora transfers.
The restoration, announced on October 15, came nine days ahead of schedule, allowing customers in the United Kingdom, Europe, Canada, the United States, and the United Arab Emirates to resume sending money to Ghana immediately. The Bank of Ghana had imposed the one month suspension effective September 18, 2025, citing breaches of its Updated Guidelines for Inward Remittance Services by Payment Service Providers issued in 2023.
In a statement, Taptap Send assured users its platform remains safe, secure, and fully compliant. “We have taken the opportunity to double down on our commitment to upholding the highest standards of compliance and excellence in service provision to Ghana and beyond,” the company said. The fintech firm expressed deep gratitude to customers for their patience during what it acknowledged was a difficult period of inconvenience.
Taptap Send was among five money transfer operators suspended by the central bank, alongside Top Connect, Remit Choice, Send App, and Afriex. In a separate action, the Bank of Ghana also suspended remittance partnerships of three payment service providers: Flutterwave, Cellulant Ghana, and Halges Financial Technologies. The suspensions represented one of the most significant regulatory enforcement actions targeting remittance services in recent Ghanaian financial sector history.
Bank of Ghana officials did not specify the exact nature of the breaches when announcing the suspension. However, the central bank’s willingness to lift Taptap Send’s suspension ahead of schedule suggests the company addressed regulatory concerns to the satisfaction of authorities. Whether this involved procedural changes, documentation improvements, or other compliance measures hasn’t been publicly detailed by either party.
The timing of the restoration couldn’t be better for thousands of Ghanaian families who depend on diaspora remittances. According to World Bank data, personal remittances received by Ghana totaled approximately $4.7 billion in 2023, representing roughly 5.5 percent of the country’s GDP. Disruptions to remittance channels affect not just individual families meeting basic needs but also the broader economy’s foreign exchange position.
For Taptap Send, the suspension carried significant business consequences. During the period when services were unavailable, the company likely lost market share to competitors who maintained operational status. The firm’s statement acknowledging customer loyalty suggests awareness that suspended services create opportunities for rivals to capture users who can’t afford to wait for restoration.
“You, our customers, are the reason we’ve been the number one app for sending money to Ghana,” the company stated. “We do not take this for granted, and we will continue to work tirelessly to always be there for you. We dey for you!”
The incident highlights ongoing challenges in regulating rapidly evolving digital remittance services. Traditional money transfer operators like Western Union and MoneyGram have operated for decades under established regulatory frameworks. However, newer fintech companies leveraging mobile technology and digital platforms sometimes struggle to align their innovative business models with existing compliance requirements, particularly when those requirements evolve.
Ghana’s remittance sector has grown increasingly competitive in recent years as multiple platforms compete for diaspora customers. Companies differentiate themselves through lower fees, faster transfer speeds, better exchange rates, and enhanced user experiences. Maintaining regulatory compliance while delivering on those promises requires robust operational systems and clear communication with supervisory authorities.
The Bank of Ghana’s updated guidelines for inward remittance services, issued in 2023, established stricter requirements for payment service providers handling cross border transfers. These regulations aim to enhance consumer protection, prevent money laundering, combat terrorist financing, and ensure the integrity of Ghana’s financial system. Operators must obtain proper authorization, maintain adequate capital, implement strong internal controls, and report suspicious transactions.
Taptap Send positions itself as a leading money transfer operator to Africa, offering services that enable diaspora communities to send money quickly and affordably to loved ones across the continent. The company’s rapid resolution of its regulatory issues demonstrates both the importance it places on the Ghanaian market and its capacity to work constructively with financial authorities.
With services now fully operational, Taptap Send joins other cleared operators in serving Ghana’s substantial diaspora population. The quick resolution likely prevented what many feared would be a prolonged disruption in cross border money transfers to the country. For now, customers can resume using the platform with confidence that it meets the Bank of Ghana’s compliance standards.
The episode serves as a reminder that even successful fintech companies must prioritize regulatory relationships alongside technological innovation. As Ghana’s financial sector continues modernizing, finding the right balance between encouraging innovation and maintaining robust oversight will remain crucial for all stakeholders.
