Update – June 11th 9:50 pm: Yellow Card has issued a public statement in response to the Bank of Ghana
The Bank of Ghana (BoG) has issued a strong warning to the public and financial institutions to avoid using YellowPay and HanyPay, citing their lack of authorization to operate in the country.
Why it matters
These platforms are offering cross-border payments, stablecoin transactions, and remittance services without proper licensing from BoG — a serious regulatory breach.
Details from Bank of Ghana Statement:
- YellowPay is run by Yellow Card Financial Inc., a non-licensed entity promoting digital payment and crypto services in Ghana.
- It is reportedly collaborating with HanyPay, which claims ties to the Africa Diaspora Central Bank (ADCB), an entity not recognized by the BoG.
- HanyPay is developing a new stablecoin, AKL Lumi, aiming to integrate it into the global financial system.
BoG’s stance:
- BoG does not license or recognize HanyPay or ADCB.
- Warns that any activity involving them is unauthorized.
What’s next
BoG is urging the public and all financial sector players to cease engagement with Yellow Card and HanyPay immediately.
