Bank of Ghana Issues Strong Warning Against Unlicensed Digital Platforms YellowPay and HanyPay
The Bank of Ghana (BoG) has issued a critical public alert, cautioning individuals and financial institutions against engaging with two online digital platforms, YellowPay and HanyPay. The central bank explicitly states that these platforms are operating without the necessary approvals and licenses within Ghana’s jurisdiction. This warning, released on June 11, 2025, underscores the BoG’s commitment to protecting the integrity of the nation’s financial system and safeguarding consumers from unregulated financial activities.
The BoG’s statement highlights YellowPay, a digital payment platform offered by Yellow Card Financial Inc., as a primary concern. Yellow Card Financial Inc. itself is not licensed by the Bank of Ghana, yet its YellowPay platform is aggressively marketing services such as digital payment solutions, cryptocurrency trading, and cross-border remittance options. The central bank emphasizes that YellowPay claims to facilitate various financial transactions, including making payments, sending and receiving electronic money and stablecoins across borders, and converting stablecoins into the local Ghanaian currency. These activities, according to the BoG, fundamentally require appropriate licensing from the central bank to ensure regulatory oversight, consumer protection, and financial stability.
Further compounding the regulatory concerns, the Bank of Ghana has revealed an ongoing collaboration between YellowPay and HanyPay. HanyPay, in turn, asserts that it is licensed by an entity it refers to as the “Africa Diaspora Central Bank (ADCB).” This partnership is reportedly aimed at developing and integrating a new stablecoin, named AKL Lumi, into the global financial ecosystem. The BoG has unequivocally stated that HanyPay is neither licensed nor authorized to operate within Ghana. Crucially, the Bank of Ghana also explicitly declares that it does not recognize the “ADCB” as a legitimate central bank. This lack of recognition of the “ADCB” further accentuates the unapproved nature of HanyPay’s operations and its purported stablecoin initiative.
The release, signed by Sandra Thompson, the Secretary of the Bank of Ghana, serves as an urgent public notice. It is directed at the general public, all financial institutions, and relevant stakeholders, urging them to immediately cease all engagement with Yellow Card Financial Inc. and HanyPay Ghana. The basis for this directive is clear: their activities are not approved by the Bank of Ghana. The central bank’s firm stance aims to prevent potential financial risks, protect consumers from unregulated schemes, and maintain order within Ghana’s financial landscape. The warning is a strong signal that the BoG will not tolerate operations that circumvent established financial regulations and pose a threat to the stability and security of the country’s payment and financial systems.
Source: http://Thepressradio.com
