Beware the Utilization of "YellowPay" and "HanyPay", Issued a Caution by the Bank of Ghana
The Bank of Ghana (BoG) has issued a strong public warning, urging citizens to avoid using the digital payment platforms YellowPay and HanyPay. The central concern is that both platforms are operating in Ghana without the necessary regulatory authorization, making their activities illegal under current financial regulations.
The BoG explicitly states that YellowPay and HanyPay are providing crypto payment services without the required licenses or approvals from the central bank. In Ghana, any entity offering such services must obtain prior authorization, a standard aimed at protecting consumers and ensuring financial stability.
The BoG also raised concerns about YellowPay’s alleged involvement with HanyPay in circulating a digital currency called "AKL Lumi," issued by an entity named the "Africa Diaspora Central Bank" (ADCB). Neither HanyPay nor ADCB are recognized or licensed by the Bank of Ghana. Yellow Card, the operator of YellowPay, has publicly denied any ongoing partnership or involvement with HanyPay, stating that a proposed collaboration was never finalized and that claims to the contrary were false.
The warning against YellowPay and HanyPay is part of a broader regulatory tightening in Ghana. The BoG has now mandated that all Virtual Asset Service Providers (VASPs), both local and international, must register with the central bank by August 15, 2025, if they wish to continue operating in the country. This move underscores Ghana's intent to bring crypto and digital asset services under formal oversight.
Following the regulatory pushback, Yellow Card has reportedly shifted focus toward partnerships with global payment networks like Visa, possibly signaling a strategic pivot away from the Ghanaian market—at least temporarily.
In response to the BoG's warning, Yellow Card has publicly rebutted the allegations, clarifying that it does not have a partnership with HanyPay and had previously communicated this to the central bank. The company expressed disappointment with the public notice, suggesting that the allegations were contested and lacked clarity.
The Bank of Ghana is urging the public and all financial sector players to immediately cease engagement with YellowCard and HanyPay. The services offered by both platforms, including cross-border payments and stablecoin transactions, are being conducted without proper licensing from the Bank of Ghana. Any activity involving HanyPay is deemed unauthorized by the Bank of Ghana.
| Platform | Regulatory Issue | Company Response | Broader Context | |-------------|-----------------------------------------------|------------------------------------|-------------------------------------| | YellowPay | Operating without BoG license | Denies HanyPay partnership | Mandatory VASP registration by 2025 | | HanyPay | Unlicensed, linked to unapproved digital currency | No public response found | Part of wider crypto crackdown |
The situation reflects a broader effort by Ghanaian authorities to tighten oversight of crypto and digital asset services, including a new mandatory registration regime for all such providers. While Yellow Card disputes some of the allegations, the regulatory environment in Ghana is clearly moving toward stricter controls and clearer lines between authorized and unauthorized operators.
The BoG's warning against YellowPay and HanyPay highlights the importance of obtaining proper licenses and authorizations in the banking-and-insurance sector, particularly within the finance industry and business extracts involving digital payment platforms. As the BoG tightens oversight of crypto and digital asset services in Ghana, any entity offering such services must adhere to the new mandatory registration regime by August 15, 2025, or risk operating illegally under current financial regulations, as demonstrated by YellowPay and HanyPay's predicament.
