YellowCard and HanyPay Scandal Unveiled
The regulatory conflict involving crypto platform YellowCard and Ghanaian fintech company HanyPay has been a focal point in Ghana's burgeoning digital financial landscape. The unfolding saga, which has transpired over the first half of 2025, centres around allegations of operating without the required authorization from the Bank of Ghana (BoG), particularly regarding crypto and digital payment services.
**Timeline and Key Events:**
- In late 2024, HanyPay began an onboarding process with YellowCard for the use of its Payments API. However, the integration process was not completed.
- On February 12th, 2025, multiple media outlets published a story claiming that HanyPay had integrated with YellowCard's platform. YellowCard explicitly denied this claim, stating the assertion was false then and remains so.
- On June 10th, 2025, the BoG issued a public warning against both YellowPay (a service connected to YellowCard) and HanyPay, stating they were operating without the necessary licenses. The warning cautioned the public and financial institutions to avoid dealing with these platforms due to the lack of regulatory approval.
- Following the warning, the BoG announced a mandatory registration deadline of August 15th, 2025, for all Virtual Asset Service Providers (VASPs) operating in Ghana, signalling a shift toward tighter regulation of the fintech and crypto sector.
**Disputed Partnership claims:**
YellowCard has firmly rejected any affiliation or partnership with HanyPay. The startup criticized the BoG for its public notice, noting that it had communicated the facts to the regulator well in advance, including submitting a formal letter on June 5th, 2025, clarifying that no partnership existed.
**Africa Diaspora Central Bank (ADCB) Involvement:**
The BoG alleged that YellowCard and HanyPay jointly promoted a digital currency called “AKL Lumi,” issued by the so-called Africa Diaspora Central Bank (ADCB)—an entity not recognized or licensed by the BoG. Yellow Card denies any connection to HanyPay or ADCB, reinforcing that these players are not approved regulators or operators in Ghana’s digital financial ecosystem.
**Broader Regulatory Context:**
- The warnings underline the BoG's commitment to protecting consumers and maintaining financial stability amid the rapid growth of crypto and stablecoin offerings in Ghana.
- Authorization is critical to ensure compliance with Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) regulations.
- The regulatory approach is a part of Ghana’s broader fintech oversight ramp-up, balancing innovation and market integrity.
**Strategic Implications:**
Following regulatory pressure, Yellow Card turned to a partnership with Visa in 2025, possibly signalling a strategic pivot or regulatory "timeout" after the Ghana episode. This indicates that fintech firms in Africa must navigate complex and evolving regulatory landscapes, often engaging with global partners to maintain legitimacy and reach.
In summary, the Yellow Card-HanyPay dispute is marked by the Bank of Ghana's crackdown on unlicensed digital payment and crypto services, disputed partnership claims by the two companies, and concerns over the unapproved Africa Diaspora Central Bank’s digital currency. The developments reflect the challenges in regulating nascent crypto markets and underscore the importance of proper licensing and transparent communication between fintechs and regulators in Ghana.
In the midst of the regulatory battle, several Ghanaian businesses have been scrutinized for operating in the digital finance sector without proper authorization, including fintech companies HanyPay and YellowCard, who are alleged to have been involved in technology-driven financial transactions without licensing. The unfolding regulatory sourcing between HanyPay and YellowCard, and their purported partnership with the Africa Diaspora Central Bank, highlights the critical need for fintech companies and technology platforms to adhere to relevant financial laws and regulations, particularly in the emerging crypto and digital payment landscape.
