BoG cautions public against YellowPay and HanyPay

The Bank of Ghana (BoG) has strongly warned the public and financial institutions against engaging with two unlicensed digital platforms: YellowPay and HanyPay.

According to a statement released on June 10, 2025, the central bank revealed that YellowPay, operated by Yellow Card Financial Inc., is actively promoting itself as a provider of digital payment services, cryptocurrency trading, and cross-border remittances without the necessary approval.

The BoG emphasized that these activities require proper licensing, which has not been granted.

The platform claims to allow users to make payments, transfer, and receive electronic money and stablecoins across borders, and convert them into local currency. However, the Bank’s investigations uncovered that YellowPay is working closely with HanyPay, a company claiming to be licensed by the Africa Diaspora Central Bank (ADCB), an institution the BoG does not recognize as a legitimate central bank.

The partnership reportedly seeks to develop and promote a new stablecoin, the AKL Lumi, for integration into global financial systems,  a move the BoG views as a serious regulatory concern.

“The Bank of Ghana reiterates that HanyPay is neither licensed nor authorized to operate within Ghana. Their ongoing activities pose significant risks to consumers and the financial system,” the statement read.

The BoG has, therefore, advised the public, financial institutions, and relevant stakeholders to avoid dealings with Yellow Card Financial Inc. and HanyPay Ghana.

Read the full statement here