The Bank of Ghana (BoG) has issued a strong caution against the operations of YellowPay, a digital payment platform provided by Yellow Card Financial Inc., which is not licensed by the Bank to provide financial services in Ghana.
In an official notice (BG/GOV/SEC/2025/13), the Bank highlighted that “YellowPay, an unapproved digital payment platform provided by Yellow Card Financial Inc., is actively promoting itself as a provider of digital payment services, cryptocurrency trading, and cross-border remittance solutions.”
Further investigation by BoG revealed that YellowPay is working in collaboration with HanyPay, a company that claims to be licensed by the Africa Diaspora Central Bank (ADCB). The Bank, however, does not recognize ADCB as a central bank, adding that “HanyPay is neither licensed nor authorized to operate within the jurisdiction of Ghana.”
Concerns have been raised about their reported plans to develop and integrate a stable coin, AKL Lumi, into the global financial ecosystem. The Bank of Ghana warned that such activities require appropriate licensing, which neither YellowPay nor HanyPay possesses.
In its final directive, the BoG advised the public and financial institutions to desist from engaging with both entities, emphasizing that their operations are not authorized within Ghana. The notice stated: “This Notice serves to inform the public, financial institutions, and all relevant stakeholders to desist from engaging with Yellow Card Financial Inc. and HanyPay Ghana, on the basis that their activities are not approved by Bank of Ghana.”
For further inquiries, stakeholders have been directed to contact the FinTech and Innovation Office at the Bank of Ghana.