Yellow Card rejects BoG claims over alleged stablecoin collaboration
In a statement issued following BoG’s 10 June 2025 Yellow Card clarified that its USD stablecoin product, Yellow Pay, is not available in Ghana and that it has never partnered with HanyPay on any project, including the AKL Lumi stablecoin
Yellow Card Financial has strongly denied claims made in a recent notice by the Bank of Ghana (BoG), which linked the company to an unlicensed digital stablecoin offering and an alleged collaboration with HanyPay.
In a statement issued following BoG’s 10 June 2025 Yellow Card clarified that its USD stablecoin product, Yellow Pay, is not available in Ghana and that it has never partnered with HanyPay on any project, including the AKL Lumi stablecoin.
“HanyPay has never conducted a single transaction with Yellow Card Ghana or any member of the Yellow Card group,” said Craig Stoehr, General Counsel for the company.
Yellow Card confirmed that while HanyPay began a standard onboarding process for its Payments API in 2024, the process was never completed and did not amount to any form of partnership.
Stoehr expressed disappointment at the central bank’s move, stating that the company had communicated all relevant facts to BoG prior to the notice. He reiterated Yellow Card’s support for digital asset regulation in Ghana and highlighted its contributions to similar frameworks in other African countries.
Founded in 2016, Yellow Card claims to be the leading stablecoin payment platform in Africa, with operations across multiple countries and over $6 billion in transaction volumes. The company holds VASP licenses in South Africa, Botswana, and the EU, and is registered with financial authorities in more than 10 countries.
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