BoG warns against unlicensed platforms YellowPay, HanyPay
By Praisebell Rosemond Larbi
The Bank of Ghana (BoG) cautioned the public, financial institutions, and stakeholders to avoid any dealings with YellowPay and HanyPay Ghana, two digital financial platforms operating without the necessary regulatory approval.
In a statement released by the central bank, it flagged YellowPay as an unapproved digital payment platform operated by Yellow Card Financial Inc., a company that is not licensed to provide any form of financial service in Ghana.
According to the BoG, YellowPay is actively promoting itself as a provider of digital payment services, cryptocurrency trading, and cross-border remittance solutions, all of which fall under the regulatory purview of the Bank of Ghana.
“This notice serves to inform the public, financial institutions, and all relevant stakeholders to desist from engaging with Yellow Card Financial Inc. and HanyPay Ghana, on the basis that their activities are not approved by the Bank of Ghana,” the statement noted.
The platform purports to allow users to make payments, send and receive electronic money and stablecoins, and convert stablecoins into local currency — functions that require explicit licensing under Ghanaian law.
The central bank further disclosed that YellowPay is collaborating with HanyPay Ghana, a company that claims to be licensed by the so-called Africa Diaspora Central Bank (ADCB), a body not recognized by the Bank of Ghana.
The collaboration reportedly aims to develop and promote a new stablecoin known as the AKL Lumi, which is intended to be integrated into the global financial ecosystem.
“This development raises significant regulatory concerns, as HanyPay is neither licensed nor authorized to operate within the jurisdiction of Ghana, adding that the Africa Diaspora Central Bank is not recognized as a central bank by Ghana’s regulatory framework,” the BoG warned.
The Bank of Ghana has advised the public to exercise caution and avoid engaging in transactions with any financial service provider that does not possess the requisite licensing from the central bank.
The BoG further reiterated its commitment to safeguarding Ghana’s financial system and ensuring that all payment service providers operate within the confines of the law. It urged the public to consult its official website or contact its offices to verify the regulatory status of any digital financial entity before doing business.
