Why People in the Middle East Prefer Using Ghanaian Accounts for Transactions on Taptap Send

Taptap Send, a widely used fintech platform, has revolutionized how people send money across borders, particularly from diaspora communities to Africa. However, an interesting trend has emerged: individuals in Dubai and other parts of the Middle East are increasingly seeking to use Ghanaian bank accounts for their transactions on Taptap Send.

This behavior isn’t accidental it’s rooted in a combination of economic, regulatory, and practical advantages tied to Ghana's financial system.

1. Access to a Stable and Digital-Ready Banking Ecosystem

Ghana is known for having one of the most digitally integrated financial systems in West Africa, with a high penetration of:

Mobile money platforms (MTN Mobile Money, Vodafone Cash, etc.)

Digital bank accounts that are easily linked to remittance services like Taptap

Flexible account opening policies, which make it easier for Ghanaians abroad (or even people with Ghanaian connections) to maintain local accounts

This makes Ghanaian accounts highly attractive for individuals in the Middle East who:

Want to send money home quickly wish to hold funds in cedis for local spending

Need to make business payments or family remittances within Ghana

Lower Transfer Costs and Better FX Margins compared to traditional bank transfers or local remittance agents in Dubai or Qatar, Taptap Send offers lower transaction fees and better exchange rates when funds are sent to Ghanaian accounts.

This incentivizes some individuals to:
Use Ghanaian bank accounts (their own or those of trusted parties)

Route funds through Ghana to leverage cost savings

The logic is simple: by sending money into a Ghana-based account, they avoid:

High bank wire fees from UAE institutions Poor conversion rates from dirhams to dollars or other currencies bureaucratic delays often seen in traditional remittance routes

Ghanaian Accounts Enable Cedi-Based Transactions

Taptap Send at one point introduced a cedi-denominated digital wallet, which allowed users abroad to store funds in Ghana's local currency. Although this led to a brief regulatory pushback from the Bank of Ghana in 2024, the service was later restored with compliance measures.

For people in Dubai:
Holding money in cedis means being able to lock in value locally, especially for those planning to return to Ghana or invest in local properties, businesses, or families It's a way of "banking back home" even while living in the Gulf

Support for Informal Business Transactions

Many Ghanaians in the Middle East engage in small-scale export/import businesses, send money to family, or run side enterprises. Having access to a Ghanaian account offers them:

Quick settlement with suppliers or employees in Ghana, A way to receive or process payments without routing through UAE financial systems More privacy and autonomy in financial operations, especially in societies where migrant workers face restrictions on foreign account ownership

Ghanaian Banking Still Has Trust and Reliability

Despite regulatory challenges, Ghana's banks are seen by many in the diaspora as:

Reliable with secure mobile apps and banking systems. Accessible accounts can be managed from abroad .Trusted especially compared to informal hawala systems common in some parts of the Middle East. This creates a strong incentive for people working in Dubai, Saudi Arabia, Qatar, and Kuwait to channel money through Ghanaian accounts, even if it’s just temporarily.

Community and Network Effects
There’s also a network-driven incentive: when one person uses a Ghanaian account on Taptap successfully, others follow. Whether it’s to send remittances, receive payments, or hold funds in cedis, the community trust makes Ghanaian bank accounts a practical choice.

Final Thoughts
The continued attraction of Ghanaian accounts for people living in Dubai or the Middle East especially via Taptap Send speaks to Ghana’s unique blend of accessibility, financial innovation, and local trust. While regulatory bodies like the Bank of Ghana are tightening compliance around foreign exchange and wallet operations, the core value of Ghana's financial infrastructure remains intact. For many in the diaspora, especially those in the Gulf region, Ghanaian bank accounts continue to offer the perfect mix of convenience, cost-efficiency, and local empowerment.

Mustapha Bature Sallama
Medical/Science communicator
International Conflict management and Peace Building. Alumni Gandhi-King Global Academy United State Institute of Peace Building USIP

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