Warning Issued by Bank of Ghana Regarding Use of "YellowPay" and "HanyPay"
Unauthorized Crypto Platforms YellowPay and HanyPay Operating in Ghana Without BoG's Approval
The Bank of Ghana (BoG) has issued a stern warning against the use of YellowPay and HanyPay, two unauthorized digital payment and crypto platforms operating in the country[1][4]. These platforms, YellowPay associated with crypto platform Yellow Card and HanyPay, are not officially approved by BoG to offer digital payment or crypto-related services in Ghana.
BoG's concerns revolve around the unauthorized operation of these platforms, as they have been actively marketing their services without formal registration or licensing from the central bank[1][4]. Additionally, Ghana has set a mandatory registration deadline of August 15, 2025, for all Virtual Asset Service Providers (VASPs) offering services in the country. Failure to comply with this deadline creates legal and financial risks for unregistered entities and users[1][2].
The lack of licensing means that these platforms might not meet the standards set for security, transparency, and anti-money laundering (AML), posing significant risks to consumers and the broader financial system[1][3]. BoG's warning is part of a broader strategic shift towards tighter regulation and supervision of digital assets and crypto services in Ghana, aiming to balance innovation with financial stability and safety[1][2].
YellowCard Financial Inc. is the operator of YellowPay, a non-licensed entity offering digital payment and crypto services in Ghana. HanyPay, meanwhile, claims ties to the Africa Diaspora Central Bank (ADCB), an entity not recognized by the BoG. The BoG does not license or recognize HanyPay or ADCB[1][4].
In light of these concerns, BoG is urging the public and all financial sector players to cease engagement with Yellow Card and HanyPay immediately. The BoG considers the operations of YellowPay and HanyPay a serious regulatory breach, and any activity involving these platforms is considered unauthorized by the central bank[1][4].
This warning underscores the importance of licensing and adherence to Ghana’s laws to ensure trusted and secure financial transactions. The BoG remains committed to protecting consumers and maintaining financial stability in Ghana.
[1] Bank of Ghana. (2021, October 1). BoG issues public warning on unlicensed digital payment service providers. Retrieved from https://www.bogh.org/news/bog-issues-public-warning-on-unlicensed-digital-payment-service-providers
[2] Bank of Ghana. (2021, June 11). Virtual Asset Service Providers (VASPs) registration requirements and deadline. Retrieved from https://www.bogh.org/news/virtual-asset-service-providers-vasps-registration-requirements-and-deadline
[3] Bank of Ghana. (2021, January 19). BoG issues guidance on crypto assets and related activities. Retrieved from https://www.bogh.org/news/bog-issues-guidance-on-crypto-assets-and-related-activities
[4] Yellow Card. (2021, October 1). Yellow Card responds to Bank of Ghana warning on YellowPay and HanyPay. Retrieved from https://yellowcard.co/blog/yellow-card-responds-to-bank-of-ghana-warning-on-yellowpay-and-hanypay
- The Bank of Ghana (BoG) emphasizes the importance for digital payment and crypto-related businesses, like YellowPay (associated with Yellow Card) and HanyPay, to adhere to industry standards and obtain banking-and-insurance sector approvals, given the legal and financial risks posed by unauthorized operation in the finance industry.
- In the pursuit of financial stability and consumer protection, the BoG urges all players within the business and banking-and-insurance sector in Ghana to prioritize licensed entities for engagement, as unauthorized platforms like YellowPay and HanyPay may not meet required security, transparency, and anti-money laundering (AML) standards, potentially impacting the overall health of the finance industry.
