Financial institution, Bank of Ghana, issues advisory against employing digital payment services "YellowPay" and "HanyPay"
YellowCard Financial Inc. Faces Regulatory Challenges in Ghana
A regulatory storm is brewing in Ghana, with the Bank of Ghana (BoG) taking a firm stance against unauthorized cryptocurrency operations. In a public warning issued in June 2025, the BoG highlighted YellowPay and HanyPay as entities not authorized to operate in the country[1].
YellowPay and HanyPay, both offering cross-border payments and remittance services, have been found to be operating without the necessary licensing from the BoG. This includes their involvement in stablecoin transactions[1]. The BoG has advised the public and all financial institutions to cease engagement with these entities immediately, citing the potential risks associated with unauthorized activities[1].
YellowCard Financial Inc., the entity behind YellowPay, has issued a public statement in response to the BoG's warning[1]. As of July 2025, YellowCard remains the largest licensed Pan-African stablecoin infrastructure provider, operating in 20 African countries[4]. The company is actively partnering with companies like Aptos Labs to enable instant, zero-fee stablecoin transfers across Africa[4]. It is also collaborating with major players such as Visa to launch stablecoin-powered payments across the continent[3].
However, the specific activities of YellowPay and HanyPay in Ghana remain under scrutiny by Ghanaian authorities. There are claims of ties between HanyPay and the Africa Diaspora Central Bank (ADCB), an entity not recognized by the BoG[1].
The BoG's warning is part of a broader tightening of cryptocurrency regulation in Ghana. All Virtual Asset Service Providers (VASPs), local and international, serving Ghanaian residents are now required to register by August 15, 2025[1]. Ghana is moving towards formal licensing and regulation of crypto platforms, aiming for clearer regulatory oversight by September 2025[3].
In summary, while YellowCard Financial Inc. continues to operate legitimately across Africa, including Ghana, subsidiaries like YellowPay and HanyPay are under regulatory pressure due to unauthorized activities[1]. The BoG considers the operations of YellowPay and HanyPay to be a serious regulatory breach and has urged the public and all financial institutions to avoid these entities.
- Despite YellowCard Financial Inc.'s legitimate operations in Africa, including Ghana, the industry regulatory body, Bank of Ghana (BoG), has declared the activities of its subsidiaries, YellowPay and HanyPay, as a serious breach of finance regulations, due to their unauthorized operations.
- As the BoG tightens its grip on the finance sector in Ghana, all businesses involving virtual assets, including YellowPay and HanyPay, are urged to register by the given deadline or face potential consequences, as part of the broader move towards formal licensing and regulation of crypto platforms.
