Taptap Send, a digital money transfer service that enables individuals to send cash to Nigeria, Ghana and other countries in Africa has discontinued sending naira from US Dollars and Pounds.
The company in a newsletter to her subscribers noted this saying it was in line with the Central Bank of Nigeria’s directives to transferring to domiciliary USD accounts in Nigeria.
The newsletter was tagged: Important Update – Cessation of USD transfers to Nigeria in compliance with regulatory directive.
The newsletter reads in parts “you’ll no longer be able to make USD transfers to Nigeria through the Taptap Send. The change has already taken effect…. You can continue to enjoy our efficient naira transfers to Nigeria.”
Furthermore, the company had updated on their website thus:
Important update – Feb 2024:
The Central Bank of Nigeria instructed that all money transfer operators discontinue support for cash pick-up and transfers to domiciliary USD accounts in Nigeria. We took immediate steps to comply with this directive as we remain committed to complying with all relevant regulations in our service to you.
Recall that this directive has also led to similar action taken by Binance which has also had some executives taken into custody by the Nigerian Police and another Fintech, LemFi clarifying her stance that it is fully functional in the country and abiding by the regulations from the Nigerian apex bank, CBN.
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