On June 11th, the Bank of Ghana (BOG) issued a public notice cautioning the public against unlicensed digital platforms, specifically referencing Yellow Pay — a USD stablecoin service from Yellow Card Financial Inc.
Yellow Card issued a response to the public notice.
What Yellow Card is saying
Yellow Card Ghana Limited, a subsidiary of Yellow Card Financial Inc., says it has no involvement with Yellow Pay or with HanyPay, a third-party firm at the center of recent misinformation.
In a strongly worded response, the company says:
- It never collaborated with HanyPay to develop or integrate the “AKL Lumi” stablecoin.
- It never signed any agreement or processed transactions with HanyPay.
- An onboarding attempt by HanyPay in late 2024 was abandoned.
- A February 2025 HanyPay press release claiming an integration was false and unauthorized.
- Yellow Card clarified the situation publicly on June 5, following a request by the Bank of Ghana.
Between the lines:
- Yellow Card Ghana Limited, a subsidiary of Yellow Card, was incorporated in 2020.
- Yellow Card Ghana is registered for reporting purposes with the Financial Intelligence Centre, Ghana.
- In addition, Yellow Card Ghana is registered with Ghana’s Data Protection Commission, under the Data Protection Act, 2012 (Act 843).
“It is most unfortunate that the Bank of Ghana determined to publish this notice,” said Craig Stoehr, Yellow Card’s General Counsel, adding that the company had already provided the facts to the central bank.
Zoom out
Despite this dispute, Yellow Card reiterated its support for digital asset regulation in Ghana. The company:
- Welcomed the Bank’s draft digital asset guidelines (August 2024).
- Supports upcoming regulatory frameworks expected by September.
