Yellow Card Refutes Bank of Ghana’s Claims Over Alleged Unapproved Financial Activities
Pan-African fintech firm Yellow Card has firmly rejected claims by the Bank of Ghana (BoG) that it is engaged in unlicensed financial activities in the country, describing the central bank’s accusations as entirely untrue.
The rebuttal follows a public notice issued by the BoG on June 11, 2025, in which it cautioned Ghanaians against using “Yellow Pay” — a USD stablecoin-related service allegedly linked to a collaboration between Yellow Card and HanyPay to introduce the AKL Lumi digital currency into Ghana’s financial ecosystem.
But in a strongly worded response, Yellow Card insisted that it has no operational presence in Ghana and has never collaborated with HanyPay, either in Ghana or anywhere else in the world.
“Yellow Card takes the integrity of its brand seriously and believes the public is entitled to accurate and truthful information,” the company said in a public statement.
No Ties to HanyPay or AKL Lumi
Yellow Card clarified that although its Ghanaian subsidiary was incorporated in 2020 purely for regulatory reporting with the Financial Intelligence Centre (FIC), its services are not available in Ghana.
The company outlined the following key points:
It has never collaborated with HanyPay on any project involving Yellow Pay, its Payments API, or the AKL Lumi currency.
No agreement exists between the two entities, and not a single transaction has been conducted between HanyPay and any member of the Yellow Card group.
HanyPay initiated an onboarding process with Yellow Card in late 2024 but never completed the integration.
A February 12, 2025, press release by HanyPay claiming integration with Yellow Card was described as false and unauthorised.
On June 5, 2025, Yellow Card issued its own press release to categorically deny any partnership with HanyPay, as requested by the BoG.
Communication Breakdown with the BoG
Craig Stoehr, General Counsel of Yellow Card, expressed disappointment at the BoG’s public notice, stating that the company had already shared all relevant information with the central bank prior to the notice being issued.
“It is most unfortunate that the Bank of Ghana determined to publish this notice, as Yellow Card Ghana clearly communicated the above-mentioned facts to representatives of the Bank of Ghana well in advance,” Mr Stoehr noted.
Supporting Regulatory Reforms in Ghana
Despite the disagreement, Yellow Card reaffirmed its support for Ghana’s digital asset regulatory agenda. The company welcomed the BoG’s Draft Guidelines on Digital Assets published in August 2024 and acknowledged recent statements by Governor Dr. Maxwell Opoku-Afari (formerly Deputy Governor Dr. Elsie Addo Awadzi) suggesting a formal regulatory framework would be rolled out by September this year.
Yellow Card further expressed its willingness to assist the BoG in shaping the digital asset ecosystem, citing its contributions to policy development in Kenya, Rwanda, Zambia, and Morocco.
“We have informed the Bank of Ghana repeatedly of our willingness to assist… and look forward to having the opportunity to do the same in Ghana,” the company stated.
