The Bank of Ghana has cautioned the public, financial institutions, and all relevant stakeholders in the business community to desist from engaging with Yellow Card Financial Inc. and HanyPay Ghana, because their activities are not approved by Bank of Ghana.
In a statement, the central bank noted that Yellow Card, an unlicensed entity, has established a an unapproved digital payment platform called YellowPay, and is actively promoting itself as a provider of digital payment services, cryptocurrency trading, and cross-border remittance solutions.
The statement said YellowPay purports to enable users to make payments, send and receive electronic money and stable coins across borders, as well as convert stable coins
into local currency; all of which are activities which require appropriate licensing from the Bank of Ghana.
According to BoG, it has also come to their attention that YellowPay is engaged in an ongoing collaboration with HanyPay, an entity that claims to be licensed by the Africa Diaspora Central Bank (ADCB), with the aim of developing and integrating a new stable coin called AKL Lumi, into the global financial ecosystem.
The BoG warns that “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.”
