BoG warns public against digital payment platforms YellowPay, HanyPay

The Bank of Ghana (BoG) has warned the public against YellowPay, an unapproved digital payment platform provided by Yellow Card Financial Inc., an entity not licensed by the regulator.

The company, according to the Bank of Ghana is actively promoting itself as a provider of digital payment services, cryptocurrency trading, and cross-border remittance solutions.

“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”, a statement issued by the BoG warned.

The YellowPay 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.

The central bank further revealed that YellowPay is engaged in an ongoing collaboration with HanyPay, an entity that claims to be licensed by the Africa Diaspora Central Bank (ADCB).

The Bank of Ghana explained that the 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”, the Bank of Ghana cautioned again.

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DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.