On June 11, 2025, the Bank of Ghana (BoG) issued a public notice warning citizens about unlicensed digital financial platforms. The announcement specifically cited “Yellow Pay,” a USD stablecoin-related service attributed to Yellow Card Financial Inc., sparking confusion regarding the company’s involvement. The notice falls under a broader regulatory push to safeguard Ghanaians from unregistered digital asset providers operating in the country.
Yellow Card Responds to Allegations
In response, Yellow Card Ghana Limited, a local subsidiary of Yellow Card Financial Inc., firmly denied any affiliation with Yellow Pay or HanyPay, the third-party entity at the center of the claims. The company emphasized that it had not entered into any agreement, conducted any transactions, or participated in any collaborative development involving HanyPay or its “AKL Lumi” stablecoin. According to Yellow Card, an onboarding attempt by HanyPay in late 2024 was abandoned, and a February 2025 press release from HanyPay suggesting integration was entirely false and unauthorized.
Clarifying Legal and Regulatory Status
Yellow Card Ghana underscored its legitimacy and compliance within Ghana’s regulatory framework. The company was incorporated in 2020 and is registered with both the Financial Intelligence Centre and the Data Protection Commission under Ghana’s Data Protection Act of 2012. By pointing to these regulatory registrations, Yellow Card aimed to reinforce its position as a legally operating entity separate from any unlicensed or unauthorized digital currency platforms.
Timeline of Miscommunication
According to Yellow Card, the company issued a public clarification on June 5, 2025, at the request of the Bank of Ghana, well before the BoG’s cautionary notice was released. The firm expressed frustration over the central bank’s decision to proceed with the notice despite being informed of the relevant facts in advance. Craig Stoehr, General Counsel at Yellow Card, criticized the move as “most unfortunate,” emphasizing that transparency and accurate information are crucial in such matters.
Support for Digital Asset Regulation
Despite the misunderstanding, Yellow Card reiterated its longstanding support for the regulation of digital assets in Ghana. The company previously welcomed the BoG’s draft guidelines released in August 2024 and has actively participated in public consultations. Yellow Card has also expressed alignment with Governor Asiama’s recent statements regarding the introduction of a regulatory framework for digital assets by September 2025.
Pan-African Track Record in Regulatory Engagement
Beyond Ghana, Yellow Card highlighted its broader role in shaping digital asset policies across the continent. The company has contributed to regulatory initiatives in Kenya, Rwanda, Zambia, and Morocco, positioning itself as a responsible stakeholder in Africa’s fintech space. By offering its expertise, Yellow Card signaled its readiness to collaborate with the BoG and other regulatory bodies to ensure safe and effective implementation of digital asset frameworks.
The incident between Yellow Card and the Bank of Ghana underscores the need for clearer communication and due diligence in a fast-evolving digital finance ecosystem. While Yellow Card continues to distance itself from unauthorized actors, it remains committed to working with regulators to build trust and compliance in Ghana’s financial sector. As digital asset regulations take shape in the coming months, maintaining transparency and regulatory cooperation will be key to fostering innovation and consumer protection alike.