BoG Raises Red Flags Over YellowPay and HanyPay Operations
The Bank of Ghana (BoG) has raised red flags over the operations of YellowPay and HanyPay digital platforms.
The two platforms are undergoing a collaboration to develop and integrate a new stablecoin, AKL Lumi, into the global financial ecosystem.
“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,” BoG said in a statement.
According to the Central Bank, Yellow Card Financial Inc. is an unlicensed company yet promotes itself as a provider of digital payment services, cryptocurrency trading, and cross-border remittance solutions.
Meanwhile, HanyPay, claims to be licensed by the Africa Diaspora Central Bank (ADCB).
However, the Bank affirms that it 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.
Source: https://opemsuo.com/author/hajara-fuseini/
