BoG warns of unlicensed YellowPay and HanyPay

The Bank of Ghana (BoG) has issued a strong warning to the public, advising against engaging with two digital financial service providers—YellowPay and HanyPay—due to their operation without the requisite licenses and regulatory approval in Ghana.

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

The central bank highlighted that YellowPay offers services enabling users to send and receive electronic money and stablecoins, convert them into local currency, and make payments across borders—activities which fall under BoG’s regulatory jurisdiction and require proper licensing.

The BoG further clarified that Yellow Card Financial Inc. is not licensed to carry out these operations in Ghana. The regulatory concerns were compounded by YellowPay’s reported collaboration with HanyPay, a platform claiming to be licensed by the so-called Africa Diaspora Central Bank (ADCB). The partnership allegedly involves the development of a new stablecoin, AKL Lumi, for global digital finance use.

However, the BoG dismissed the legitimacy of the Africa Diaspora Central Bank, stating that it does not recognize the ADCB as a valid central bank. Additionally, it confirmed that HanyPay is neither licensed nor authorized to operate in Ghana under the country’s financial laws.

In light of these findings, the Bank of Ghana has instructed financial institutions, the public, and stakeholders to avoid conducting any business with Yellow Card Financial Inc. and HanyPay Ghana. This warning underscores the Bank’s commitment to safeguarding the integrity of Ghana’s financial system from unregulated digital operations and the associated risks of cryptocurrency activities conducted outside the legal framework.