REGULATION | Bank of Ghana Cautions Public Against Dealing with African Crypto and Stablecoin On/Off-Ramp, Yellow Card

The Bank of Ghana (BoG) has issued a warning to the public regarding YellowPay, a digital payment platform operated by Yellow Card Financial Inc., which it says is not licensed or approved by the central bank.

On June 10 2025, the Bank of Ghana (BoG) issued a stern notice:

“Caution on Unlicensed Digital Platforms.”

It called out YellowPay  –  a stablecoin-powered payment offering promoted by Yellow Card Financial Inc.  –  as an unauthorized operation in Ghana’s digital finance ecosystem.

The notice also threw shade at another unfamiliar character on the scene: HanyPay, an outfit purportedly linked to the mysterious “Africa Diaspora Central Bank” (ADCB), promoting a stablecoin known as AKL Lumi.

According to the BoG, the company is actively marketing itself as a provider of digital payment services, cryptocurrency trading, and cross-border remittance solutions – activities that require regulatory approval.

“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 the Bank of Ghana,” the central bank said in a statement.


YellowPay claims to allow users to:

• send and receive payments
• Conduct electronic money transfers
• Transact with stablecoins across borders, and
• Convert stablecoins into local currency

all of which fall under regulated financial services that require proper licensing.

BoG further disclosed that YellowPay is in partnership with HanyPay, a company that claims to operate under the authority of the Africa Diaspora Central Bank (ADCB).

The central bank stated it neither authorizes these entities nor recognizes ADCB’s operations in Ghana. Yellow Card subsequently denied any partnership with HanyPay, despite HanyPay’s February 2025 claims of collaboration.

The central bank said the partnership appears aimed at developing and integrating a new stablecoin – the AKL Lumi – into the global financial system.

“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,” the statement added.

Yellow Card, a crypto and stablecoin on and offramp solution, operates in multiple African countries including:

• Kenya
• South Africa
• Rwanda
• Tanzania
• Uganda
• Benin
• Burkina Faso
• Cote d’Ivoire
• Mali
• Nigeria
• Senegal
• Togo
• Cameroon
• DRC
• Gabon
• The Congo
• Botswana
• Malawi
• Zambia

Yellow Card is one of the largest stablecoin on/offramp platforms in Africa. The company closed $33 million in 2024 in a Series C funding bringing the total funding raised by the company to over $80 million.

It counts heavyweight investors like Coinbase and Block (formerly Square) on its cap table.

The company has transacted over $6 billion across Africa since its launch in 2019.

The regulatory tension between Yellow Card and Bank of Ghana underscores the dilemma where crypto platforms, with consumer protection risks, are allowed to operate with a lack of clear disclosures as regards their operations.