The Bank of Ghana (BoG) has cautioned the public against engaging with YellowPay, a digital payment platform operated by Yellow Card Financial Inc., an entity not licensed by the central bank.
According to BoG, the company has been actively promoting its services in digital payments, cryptocurrency trading, and cross-border remittances without regulatory approval.
In an official statement, the central bank alerted financial institutions and the public to refrain from transacting with Yellow Card Financial Inc. and its local partner, HanyPay 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 Bank of Ghana,” the statement warned.
YellowPay claims to facilitate payments, electronic money transfers, and stable coin conversions across borders—activities that require formal licensing from BoG.
The regulator further disclosed that YellowPay is collaborating with HanyPay, a company that purports to be licensed by the Africa Diaspora Central Bank (ADCB), an entity BoG does not recognize.
BoG expressed concerns over the partnership’s intention to introduce a new stable coin, AKL Lumi, into the financial system, stating that such activities raise regulatory red flags. “This development raises significant regulatory concerns, as HanyPay is neither licensed nor authorized to operate within the jurisdiction of Ghana. In addition, the Bank of Ghana does not recognize ADCB as a central bank,” BoG reiterated.
Authorities have urged the public to exercise caution and avoid engaging with unlicensed financial entities to safeguard their funds and ensure compliance with Ghana’s financial laws.
