Dr. Johnson Asiama, BoG Governor
The Bank of Ghana (BoG), has cautioned the public and all relevant stakeholders to desist from engaging the services of Yellow Card Financial Inc. and HanyPay Ghana, entities claiming to provide a platform for digital payments and enable users to make payments, send and receive electronic money.
A statement issued and signed by the secretary to the Bank of Ghana, Sandra Thompson, said Yellow card Financial Inc. which is actively promoting itself as a provider of digital payment services cryptocurrency trading, and cross-border remittance solutions, as well as convert stable coins into local currency is not licensed and approved by the Bank of Ghana.
It said, “This notice serves to inform the public, financial institutions, and all relevant stakeholders to desist from engaging with Yellow Card Financial Inc. and HanyPay Ghana, on the basis that their activities are not approved by Bank of Ghana.
“It has come to the attention of the Bank of Ghana, that Yellow Card 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,” it added.
According to the BoG, the development raises significant regulatory concerns, as HanyPay is neither licensed nor authorized to operate within the jurisdiction of Ghana adding that the Bank of Ghana does not recognize ADCB as a central bank and that its activities require appropriate licensing from the Bank of Ghana
By Ebenezer K. Amponsah