Dr. Johnson Asiama, BoG Governor
The Bank of Ghana (BoG) has issued a strong caution to the public and financial institutions against engaging with two digital platforms—YellowPay, operated by Yellow Card Financial Inc., and HanyPay Ghana—citing concerns over unlicensed financial operations and potential regulatory violations.
In a public notice dated June 10, 2025, the central bank emphasized that YellowPay is not licensed to provide digital payment, cryptocurrency trading, or cross-border remittance services in Ghana, despite actively promoting such services.
The platform is reportedly offering services including cross-border stablecoin transfers and local currency conversions—activities that fall within the regulatory purview of the BoG.
The Bank also raised alarm over YellowPay’s collaboration with HanyPay Ghana, which claims to be working with the so-called Africa Diaspora Central Bank (ADCB) to introduce a new stablecoin, AKL Lumi, into the global financial ecosystem. The BoG made it clear that it does not recognize the ADCB as a legitimate central banking authority, and that HanyPay is neither licensed nor authorized to operate within Ghana’s jurisdiction.
“This development raises significant regulatory concerns,” the statement read, urging all financial institutions and members of the public to refrain from transacting with Yellow Card Financial Inc. and HanyPay Ghana, as their activities are not approved by the central bank.
The BoG’s FinTech and Innovation Office is inviting any further inquiries and has provided contact details for clarification.
This warning underscores the central bank’s ongoing efforts to protect Ghana’s financial system from unregulated and potentially high-risk fintech activities, especially in the rapidly evolving space of digital currencies and cross-border payments.
