The Bank of Ghana (BoG) has issued a strong warning against the operations of two digital platforms—YellowPay and HanyPay—stating that they are unapproved and unlicensed to conduct financial services within Ghana.

In an official statement released on June 11, 2025, the Central Bank cautioned the public that YellowPay, a service provided by Yellow Card Financial Inc., is not licensed by the BoG to offer digital payment services, cryptocurrency trading, or cross-border remittance solutions in Ghana.

“The platform purports to enable users to make payments, send and receive electronic money and stablecoins across borders, and convert stablecoins into local currency—activities which require the appropriate licensing from the Bank of Ghana,” the statement said.

The Bank further raised concerns about YellowPay’s partnership with HanyPay, another platform promoting financial services under the claim of being licensed by the so-called Africa Diaspora Central Bank (ADCB)—an institution the BoG does not recognize as a legitimate central bank.

The collaboration reportedly aims to develop and promote a new digital currency, the AKL Lumi stablecoin, for integration into the global financial ecosystem. However, the BoG emphasized that HanyPay is not authorized to operate in Ghana, nor does it hold any regulatory approval.

“This development raises significant regulatory concerns,” the Central Bank stated. “HanyPay is neither licensed nor authorised to operate within the jurisdiction of Ghana, and the Bank of Ghana does not recognise ADCB as a central bank.”

The notice, signed by Sandra Thompson, Secretary to the Bank of Ghana, urges the public, financial institutions, and stakeholders to refrain from engaging with Yellow Card Financial Inc. and HanyPay Ghana, as their activities are considered unregulated and potentially harmful to the financial system.