YellowPay and HanyPay are unlicensed digital platforms — BoG warns public

The Bank of Ghana (BoG) has issued a strong caution to the public against engaging with two digital financial service providers—YellowPay and HanyPay—for operating without the necessary licenses and regulatory approvals.

In a public notice dated June 10, 2025, the central bank flagged YellowPay, a product of Yellow Card Financial Inc., for promoting itself as a provider of digital payment services, cryptocurrency trading, and cross-border remittance solutions, despite lacking authorization to operate in Ghana.

According to the BoG, YellowPay enables users to send and receive electronic money and stablecoins, convert them into local currency, and make payments across borders—functions that fall under the Bank’s regulatory mandate and therefore require licensing. The institution clarified that Yellow Card Financial Inc. is not licensed by the Bank of Ghana to conduct any such activities within the country.

Compounding the regulatory concern is YellowPay’s reported collaboration with HanyPay, a platform claiming to be licensed by the so-called Africa Diaspora Central Bank (ADCB). The partnership reportedly involves the development of a new stablecoin, AKL Lumi, for use in global digital finance.

However, the Bank of Ghana made it clear that it does not recognize the Africa Diaspora Central Bank as a legitimate central bank, and that HanyPay is neither licensed nor authorized to operate in Ghana.

“This development raises significant regulatory concerns,” the statement read, stressing that HanyPay’s operations are not sanctioned under Ghanaian law.

The BoG has therefore directed financial institutions, the general public, and stakeholders to refrain from doing business with Yellow Card Financial Inc. and HanyPay Ghana.

The warning underscores the Bank’s commitment to protecting Ghana’s financial system from unregulated digital operations and potential risks associated with cryptocurrency activities conducted outside established legal frameworks.