The Bank of Ghana (BoG) has cautioned the public YellowPay is “an unapproved digital payment platform”.

Provided by Yellow Card Financial Inc., BoG said YellowPay was “an entity not licensed by the Bank” which was illegally “promoting itself as a provider of digital payment services, cryptocurrency trading, and cross-border remittance solutions.

“The platform purports to enable users to make payments, send and receive electronic money and stable coins across borders, as well as convert stable coins into local currency; activities which require appropriate licensing from the Bank of Ghana.”

Additionally, the BoG, in the June 10, 2025, statement, signed by Ms Sandra Thompson, Secretary, FinTech and Innovation Office, Bank of Ghana, revealed, “YellowPay is engaged in an ongoing collaboration with HanyPay, an entity that claims to be licensed by the Africa Diaspora Central Bank (ADCB).

“This partnership reportedly seeks to develop and integrate a new stable coin, AKL Lumi, into the global financial ecosystem. This development raises significant regulatory concerns, as HanyPay is neither licensed nor authorized to operate within the jurisdiction of Ghana. In addition, the Bank of Ghana does not recognize ADCB as a central bank.”

In conclusion, the central bank warned the public and businesses against “engaging with Yellow Card Financial Inc. and HanyPay Ghana, on the basis that their activities are not approved by Bank of Ghana”.