The Bank of Ghana has issued a stern warning to the public regarding YellowPay, an unauthorized digital payment platform operated by Yellow Card Financial Inc., which has been actively promoting cryptocurrency trading and cross-border remittance services without proper licensing.
According to the official notice, the central bank has explicitly directed all financial institutions, stakeholders, and the general public to cease any engagements with Yellow Card Financial Inc. and its affiliate, HanyPay Ghana, as their operations have not received regulatory approval from the Bank of Ghana.
This warning comes amid growing concerns about unauthorized financial service providers operating in Ghana's digital payment ecosystem without adhering to the country's regulatory framework, potentially exposing users to financial risks.
The Bank of Ghana's intervention underscores its commitment to maintaining the integrity of Ghana's financial system and protecting consumers from unregulated financial service providers that may not offer adequate safeguards for users' funds.
This development serves as a reminder for Ghanaians to verify the regulatory status of financial service providers before engaging their services, particularly in the rapidly evolving digital payment and cryptocurrency sectors where regulatory oversight remains crucial.
The central bank's warning aligns with similar regulatory actions across Africa, where authorities are increasingly scrutinizing cryptocurrency platforms and digital payment services to ensure compliance with financial regulations and consumer protection standards.
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