Bank of Ghana's Public Announcement Sparks Yellow Card's Response
In a recent development, the Bank of Ghana (BoG) has issued public warnings against digital payment platforms Yellow Pay and HanyPay, citing their operation without proper licenses [1]. However, the relationship between these entities and Yellow Card Financial Inc., a well-known African crypto firm, has been a subject of confusion.
Yellow Card Financial Inc., which operates a subsidiary, Yellow Card Ghana Limited, has officially denied any association with a product named "Yellow Pay" [2]. The company maintains that it is fully licensed and compliant in Ghana and has communicated its compliance status to the BoG [1]. However, the BoG’s warning specifically names "Yellow Pay" as a product by Yellow Card, which has added to the confusion. There is no evidence from Yellow Card’s official statements confirming the existence or operation of a product called "Yellow Pay."
Regarding HanyPay, an obscure fintech entity, the BoG alleges it was involved in a joint effort with Yellow Card to circulate a questionable digital currency called “AKL Lumi,” supposedly issued by the “Africa Diaspora Central Bank” (ADCB) [1]. Neither HanyPay nor ADCB is recognized or licensed by the BoG [1].
Yellow Card has strongly denied any partnership, collaboration, or transaction with HanyPay [1][2]. According to their official statements, HanyPay initiated an onboarding process in late 2024, but the process was discontinued and never completed [1][2]. Yellow Card further clarified that a February 2025 HanyPay press release claiming a partnership was false and unauthorized [1][2].
Yellow Card Ghana Limited, a subsidiary of Yellow Card Financial Inc., was incorporated in 2020 and is registered for reporting purposes with the Financial Intelligence Centre, Ghana [7]. It is also registered with Ghana’s Data Protection Commission, under the Data Protection Act, 2012 (Act 843) [8].
The BoG’s public notice appears to have caused confusion by potentially conflating different entities, and its allegations regarding Yellow Card’s involvement with HanyPay have been categorically denied [1][2]. Yellow Card has reiterated its support for digital asset regulation in Ghana, welcoming the BoG’s draft digital asset guidelines (August 2024) and supporting upcoming regulatory frameworks expected by September [6].
The situation underscores the challenges in regulatory communication and the importance of due diligence in Africa’s rapidly evolving fintech sector. Yellow Card continues to engage with regulators to clarify its position and protect its reputation, while the BoG attempts to filter out unlicensed operators, albeit with some apparent confusion in public communications [1][2].
- The BoG's warning about Yellow Pay has sparked debate, as Yellow Card Financial Inc. insists it has no affiliation with the product and asserts that it is fully licensed and compliant in Ghana.
- Despite allegations by the BoG, Yellow Card has refuted partnership claims with the fintech entity HanyPay, stating that the onboarding process was discontinued and never completed.
