The Bank of Ghana has issued a stern warning against the use of YellowPay and HanyPay, two digital platforms it says are operating without approval within the country’s financial ecosystem.
In a public notice, the central bank identified YellowPay as a product of Yellow Card Financial Inc., which it says is neither licensed nor authorised to offer digital payment services, cryptocurrency trading, or cross-border remittances in Ghana.
The Bank also raised alarm over YellowPay’s partnership with HanyPay, which claims affiliation with the Africa Diaspora Central Bank (ADCB) to promote a new digital currency known as the AKL Lumi.
According to the regulator, HanyPay is not authorised to operate in Ghana, and the Bank of Ghana does not recognise the ADCB as a central bank.
“This development raises significant regulatory concerns,” the notice said, urging the public and financial institutions to refrain from engaging with the two entities.
The central bank directed all enquiries to its FinTech and Innovation Office as it seeks to clamp down on unauthorised financial operations in the digital space.
