BoG Cautions Public Against Using Unlicensed Digital Platforms YellowPay and HanyPay

In a public notice dated June 10, 2025, the Bank of Ghana (BoG) has cautioned the public against engaging with YellowPay, a service offered by Yellow Card Financial Inc., for operating without the necessary authorization.

According to the central bank, YellowPay has been promoting itself as a provider of digital payment services, cryptocurrency trading, and cross-border remittance solutions in Ghana—activities that fall under BoG’s regulatory oversight. The platform allows users to send and receive electronic money and stablecoins, convert them into local currency, and make international payments, all without a valid license to operate in the country.

The BoG further highlighted that Yellow Card Financial Inc. is not licensed to carry out any form of financial service in Ghana.

Adding to the regulatory concerns is YellowPay’s reported partnership with HanyPay, a platform that claims to be licensed by the so-called Africa Diaspora Central Bank (ADCB). The collaboration includes plans to introduce a new stablecoin, AKL Lumi, intended for use in global digital financial transactions.

The Bank of Ghana, however, clarified that it does not recognize the Africa Diaspora Central Bank as a legitimate financial authority and emphasized that HanyPay is not authorized to operate in Ghana.

“This development raises significant regulatory concerns,” the BoG stated, warning that HanyPay’s operations are not compliant with Ghanaian financial laws.

The Bank has advised all financial institutions, stakeholders, and the general public to avoid conducting any business with Yellow Card Financial Inc. and HanyPay Ghana. This move reflects BoG’s ongoing commitment to safeguarding the integrity of Ghana’s financial system and protecting it from unregulated digital finance and crypto-related risks.