Home Headlines Bank of Ghana Bans Unauthorized Payment Platforms YellowPay and HanyPay

Bank of Ghana Bans Unauthorized Payment Platforms YellowPay and HanyPay

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Bank Of Ghana
Bank Of Ghana

The Bank of Ghana has issued a stern warning against two unlicensed digital payment platforms, YellowPay and HanyPay, declaring their operations illegal.

In an official statement, the central bank revealed neither entity has obtained the required approvals to offer financial services in Ghana.

YellowPay, operated by Yellow Card Financial Inc., has been facilitating unauthorized services including cryptocurrency trading, cross-border remittances, and stablecoin conversions. The platform has partnered with HanyPay, which falsely claims licensing from the unrecognized Africa Diaspora Central Bank, to develop a new stablecoin called AKL Lumi.

“The Bank of Ghana does not recognize ADCB as a central bank,” the statement clarified, emphasizing that both platforms violate Ghana’s Payment Systems and Services Act. Financial institutions and the public have been advised to cease all transactions with these entities immediately.

This crackdown reflects Ghana’s tightening oversight of digital financial services. The central bank maintains a published list of licensed payment service providers, urging citizens to verify a company’s registration before engaging its services. Consumers using unapproved platforms risk losing funds without legal recourse.

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