The Bank of Ghana (BoG) has blown the alarm on the operations of Yellow Card Financial Inc., an unapproved digital payment platform.

According to the central bank in a statement dated June 11, the unlicensed entity is actively promoting itself as a provider of digital payment services, cryptocurrency trading, and cross-border remittance solutions.

The platform purports to enable users to make payments, send and receive electronic money and stable coins across borders, as well as convert stable coins into local currency.

These activities, the central bank says, require appropriate licensing from the Bank of Ghana.

The Bank of Ghana has also discovered that YellowPay is engaged in an ongoing collaboration with HanyPay, an entity that claims to be licensed by the Africa Diaspora Central Bank (ADCB).

This partnership reportedly seeks to develop and integrate a new stable coin, AKL Lumi, into the global financial ecosystem.

According to the central bank, this development raises significant regulatory concerns, as HanyPay is neither licensed nor authorized to operate within the jurisdiction of Ghana.

"The Bank of Ghana does not recognize ADCB as a central bank," the statement signed by Secretary Ms Sandra Thompson read.

The central bank has thus served notice to inform the public, financial institutions, and all relevant stakeholders to desist from engaging with Yellow Card Financial Inc. and HanyPay Ghana.

Over the years, the BoG has beefed up its efforts to regulate, supervise and direct the banking and credit system and ensure the smooth operation of the financial sector.

Earlier this month, the Cyber Security Authority (CSA) provided the details of digital lending mobile applications whose unlawful activities have led to an exponential surge in cyberbullying incidents.

Between January and May, the Authority received 377 reports, marking a sharp increase compared to the 228 cases reported throughout the entire year 2024.

The apps that have been identified include Miniloan, Mix Loan, Devtage loan, Ozzy money-cash, Plus Cash Arrow, Fundscredit, Getloan, Kcash, Bestloan, Gcash, Daraloan, Loan Base, Tap Loan, Gh Loans, Sune credit, Urgent Money, Sparkloan, Skyloan, Loancloudgh, Pea Money, Cash Arrow.

The rest are HastyCredit, Lever credit, Molo credit, Sunloan pro, Nina loan, Upper loan, Wohia loan, Morloan pro, MumuMoney, Credit bag, Lever credit, Get loan, Ozzy credit, Molocredit, Soarcredit, E+money, Taploan, Dream Fund, Swftcredit, RocketLoan Turbo, DEVTAGE Financial, Vinvedo Wealth, Credit well, Newgry, Easy Buy, Sika Sika, WePay.

According to Bank of Ghana (BoG) Notices BG/GOV/SEC/2022/10 and BG/GOV/SEC/2023/07, these apps violate the provisions of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).