The Bank of Ghana (BoG) has issued a stern warning to the public about two digital financial service providers, YellowPay and HanyPay, operating without necessary licenses and regulatory approvals in Ghana.
According to the central bank, these platforms pose significant regulatory concerns and potential risks to the country’s financial system.
In a public notice dated June 10, 2025, the BoG flagged YellowPay, a product of Yellow Card Financial Inc., for promoting itself as a provider of digital payment services, cryptocurrency trading, and cross-border remittance solutions without authorization.
The bank clarified that Yellow Card Financial Inc. is not licensed to conduct such activities in Ghana. YellowPay’s services include sending and receiving electronic money and stablecoins, converting them into local currency, and making payments across borders, all of which require licensing under the Bank’s regulatory mandate.
The situation is further complicated by YellowPay’s reported collaboration with HanyPay, a platform claiming to be licensed by the Africa Diaspora Central Bank (ADCB).
The partnership involves developing a new stablecoin, AKL Lumi, for global digital finance.
However, the BoG does not recognize the ADCB as a legitimate central bank and asserts that HanyPay is neither licensed nor authorized to operate in Ghana.
Directive And Implications
The BoG has directed financial institutions, the general public, and stakeholders to refrain from engaging with Yellow Card Financial Inc. and HanyPay Ghana.
This move underscores the Bank’s commitment to protecting Ghana’s financial system from unregulated digital operations and potential risks associated with cryptocurrency activities outside established legal frameworks.
Regulatory Environment
This crackdown highlights the importance of regulatory compliance in Ghana’s digital finance sector.
The BoG’s actions demonstrate its efforts to ensure that digital platforms operate within the bounds of the law, safeguarding the financial system’s integrity and protecting consumers.
Impact on Consumers
Ghanaian consumers must exercise caution when engaging with digital financial service providers, verifying their legitimacy and regulatory compliance before using their services.
The BoG’s warning serves as a reminder of the potential risks associated with unlicensed digital platforms and the importance of prioritizing financial security.
Comments