Bank of Ghana issues caution on Yellow Pay, Yellow Card issues rebuttal
**Unlicensed Digital Payment Service Yellow Pay Under Scrutiny in Ghana**
Yellow Pay, a digital payment service offered by Yellow Card Financial Inc., is currently not operating with a license in Ghana, according to the Bank of Ghana (BoG). The central bank has issued a public warning against the digital payments product, stating it is offering digital payment services, crypto trading, and stablecoin-based remittances without the necessary licensing or approval from the BoG.
The BoG has specifically cautioned the public and financial institutions to avoid engaging with Yellow Card Financial Inc. and Yellow Pay due to their unlicensed status in Ghana. Regarding the collaboration between Yellow Pay and HanyPay, including the AKL Lumi stablecoin, the BoG flagged concerns about this partnership, noting that HanyPay is also unlicensed and not authorized to operate in Ghana.
Yellow Card Financial Inc. has publicly denied any official partnership or collaboration with HanyPay or any involvement in the AKL Lumi stablecoin project. They clarified that while HanyPay began onboarding for access to Yellow Card’s Payments API in 2024, this process was never completed and should not be construed as a partnership or collaboration. Yellow Card also emphasized that Yellow Pay services are *not even available in Ghana* and stressed their commitment to accurate public information.
The BoG does not recognize the Africa Diaspora Central Bank (ADCB), which reportedly backs the AKL Lumi stablecoin. This ongoing regulatory scrutiny reflects the BoG’s firm stance on unlicensed crypto and digital payment operations within Ghana.
Yellow Card has consistently supported regulation and contributed to digital asset policies in various countries, including Kenya, Zambia, Rwanda, and Morocco. The agreement between Yellow Card and HanyPay was a standard API access request, not a partnership, according to Yellow Card. The public is advised to exercise caution when dealing with unlicensed digital payment services in Ghana.
References: [1] BoG Warns Public Against Unlicensed Digital Payment Service Yellow Pay (2022). [Link] [2] BoG Flags Collaboration Between Yellow Pay and HanyPay (2022). [Link] [3] BoG Denies Recognition of Africa Diaspora Central Bank (ADCB) (2022). [Link] [4] Yellow Card Denies Involvement in AKL Lumi Stablecoin and Collaboration with HanyPay (2022). [Link]
- Despite Yellow Card Financial Inc.'s denial, the Bank of Ghana (BoG) has flagged concerns about the partnership between Yellow Pay and HanyPay, especially the AKL Lumi stablecoin.
- The BoG has emphasized that Yellow Pay, offering digital payment services, crypto trading, and stablecoin-based remittances, is unlicensed and not authorized to operate in Ghana.
- The central bank has also highlighted that HanyPay, involved in the partnership with Yellow Pay, is not authorized to conduct business in Ghana, creating potential risks for both the public and financial institutions.
- In an effort to promote transparency and regulatory compliance, Yellow Card has contributed to digital asset policies in several African countries, including Kenya, Zambia, Rwanda, and Morocco, demonstrating their commitment to a regulated digital finance business environment in the continent.
