BoG Warns Public Against Two Unlicensed Digital Platforms – YellowPay and HanyPay
The Bank of Ghana (BoG) has issued a strong caution to the general public and financial institutions, warning against the use of digital platforms YellowPay and HanyPay, which it says are operating without the requisite regulatory approval.
In a statement released by the Central Bank, YellowPay, a digital payment service operated by Yellow Card Financial Inc., is said to be promoting services such as cryptocurrency trading, digital payments, and cross-border remittances — all of which require a license from the Bank of Ghana.
“The platform purports to enable users to make payments, send and receive electronic money and stablecoins across borders, as well as convert stablecoins into local currency,” the BoG noted, adding that these activities fall squarely within the regulatory purview of the Central Bank and must therefore be appropriately licensed.
The regulator further revealed that YellowPay is engaged in a partnership with another platform, HanyPay, which reportedly claims to be licensed by an entity known as the Africa Diaspora Central Bank (ADCB).
However, the BoG firmly stated that HanyPay is not licensed to operate within Ghana’s jurisdiction and that it does not recognize the Africa Diaspora Central Bank (ADCB) as a legitimate central bank.
“The reported collaboration between YellowPay and HanyPay to develop and integrate a new stablecoin, AKL Lumi, into the global financial ecosystem raises significant regulatory concerns,” the BoG emphasized.
In light of the unapproved status of both YellowPay and HanyPay, the BoG has advised the public, financial institutions, and all stakeholders to avoid engaging with these platforms.
The Central Bank reiterated its commitment to safeguarding the financial system and maintaining regulatory integrity, especially amid the growing use of digital financial platforms and virtual assets in Ghana’s economy.
