The Bank of Ghana has cautioned the general public over the operations of a company called Yellow Card Financial Inc.
The caution is contained in a press release issued on June 11.
“It has come to the attention of the Bank of Ghana that YellowPay, an unapproved digital payment platform provided by Yellow Card Financial Inc., an entity not licensed by the Bank, is actively promoting itself as a provider of digital payment services, cryptocurrency trading, and cross-border remittance solutions. The 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,” parts of the release read.
The apex bank added that, “It has come to the attention of the Bank of Ghana further, that YellowPay 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. 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.
“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 warned.
