BoG orders financial institutions to halt support for unauthorised crypto currency wallets
The Bank of Ghana (BoG) has directed banks and other regulated financial institutions to immediately stop facilitating unauthorised foreign currency wallet services offered by cryptocurrency platforms to customers in Ghana.
The central bank said it had observed an increasing use of fiat currency wallet services, particularly U.S. dollar denominated wallets, operated by some crypto platforms and funded through bank transfers, payment cards and other payment channels provided by regulated financial institutions.
According to the BoG, these arrangements may constitute activities that require approval under the Payment Systems and Services Act, 2019 (Act 987), the Foreign Exchange Act, 2006 (Act 723), and other applicable regulatory frameworks.
The regulator emphasised that the crypto platforms involved have not received authorisation to conduct such activities in Ghana.
As a result, the Bank of Ghana has instructed banks, Specialised Deposit Taking Institutions, Electronic Money Issuers, Payment Service Providers and all other regulated financial institutions to refrain from entering into or maintaining any arrangements that enable the funding, operation, settlement or customer access to unauthorised fiat currency wallet services offered within the country.
The directive further requires institutions currently providing banking services, payment processing, card acquiring, settlement services or any related support to such platforms to terminate those arrangements without delay.
The central bank warned that institutions that fail to comply with the directive risk facing supervisory sanctions and other enforcement measures.