Bank of Ghana orders Financial Institutions to halt support for unauthorized Crypto Wallet Services
The Bank of Ghana (BoG) has directed all banks and regulated financial institutions to immediately cease supporting unauthorized foreign currency wallet services offered by cryptocurrency platforms to users in Ghana.
The directive follows growing concerns over the increasing use of fiat currency wallet services, particularly those denominated in U.S. dollars, which are being operated by crypto platforms without the necessary regulatory approval.
According to the central bank, these wallets are funded through bank transfers, payment cards, and other payment channels provided by regulated financial institutions. The BoG noted that such activities may fall under services that require explicit authorization under the Payment Systems and Services Act, 2019 (Act 987), and the Foreign Exchange Act, 2006 (Act 723).
The regulator stressed that the crypto platforms involved have not been granted approval to conduct these operations in Ghana.
In a statement, the BoG instructed banks, Specialised Deposit-Taking Institutions (SDIs), Electronic Money Issuers (EMIs), Payment Service Providers (PSPs), and other regulated financial institutions to refrain from establishing or maintaining any arrangements that facilitate the funding, operation, settlement, or customer access to unauthorized fiat currency wallet services.
The central bank further ordered institutions currently providing banking, payment processing, card acquiring, settlement, or related support services to such platforms to take immediate steps to terminate those arrangements.
The BoG warned that any financial institution that fails to comply with the directive will be subject to supervisory and enforcement actions in accordance with applicable regulatory requirements.
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