Financial authority in Ghana issues caution regarding utilization of "YellowPay" and "HanyPay" services
The Bank of Ghana (BoG) has issued a stern warning to the public and all financial sector players, urging them to cease engagement with both YellowCard's YellowPay and HanyPay's AKL Lumi. According to the BoG, these services are currently unauthorized for cross-border payments, stablecoin transactions, and remittance services in Ghana.
In a public statement, the BoG emphasized that YellowPay and HanyPay are operating without the necessary regulatory approval. This warning is part of a broader regulatory tightening, including a mandatory registration and licensing process for Virtual Asset Service Providers (VASPs) in Ghana, with a deadline set for August 15, 2025.
The BoG has been actively enforcing compliance with foreign exchange and remittance laws. Strict actions, including potential cancellation of partnerships with non-compliant entities involved in remittances and cross-border foreign exchange services, have been taken. The BoG’s notice emphasized that all remittance-related services must operate within approved local settlement accounts and strictly follow the Updated Guidelines for Inward Remittance Services.
YellowCard Financial Inc., the operator of YellowPay, is a non-licensed entity offering digital payment and crypto services in Ghana. HanyPay, on the other hand, is developing a new stablecoin, AKL Lumi, intended for integration into the global financial system. However, the BoG does not license or recognize HanyPay or ADCB, an entity with which HanyPay claims ties.
Given the BoG's warnings and the ongoing regulatory process, YellowPay and HanyPay’s AKL Lumi cannot currently be regarded as legitimate or compliant for remittance or crypto-related payments in Ghana. Users and businesses should be cautious and follow BoG’s regulatory updates, especially as licensing for crypto exchanges and wallet providers is expected to begin from September 2025, which could legitimize some services once properly registered.
YellowCard and HanyPay have responded to the BoG's warning, but the BoG considers the operations of these services to be a regulatory breach. The BoG's warning applies to both the public and financial institutions, and any activity involving HanyPay is considered unauthorized.
In response to YellowCard, the BoG has issued a public statement, urging the public and financial institutions to cease engagement with both YellowPay and HanyPay immediately. The BoG's actions underscore its commitment to maintaining a secure and transparent financial system in Ghana.
Investors should be wary of engaging with YellowCard's YellowPay and HanyPay's AKL Lumi, as the Bank of Ghana (BoG) considers their operations unauthorized for cross-border payments, stablecoin transactions, and remittance services in Ghana. The BoG is also enforcing regulatory compliance, with potential penalties for non-compliant entities, and expects issues related to crypto exchanges and wallet providers to be addressed by September 2025.
The BoG's warning extends to both the public and financial institutions, and any activity involving HanyPay is considered non-compliant. As licensing for crypto exchanges and wallet providers approaches in Ghana, investors and businesses are advised to follow BoG's regulatory updates for legitimacy and transparency in the financial sector.
