PRESS RELEASE | Crypto Platforms Are ‘Not Authorised to Support Fiat-USD Wallet Services for Users in Ghana,’ Warns Bank of Ghana

The Bank of Ghana has noted with concern the operation of fiat currency wallet arrangements, denominated in foreign currencies, mainly United States Dollars (USD), by certain crypto platforms for users in Ghana, supported through

• bank transfers,
• payment cards, and
• other payment channels

provided by some Regulated Financial Institutions.

These arrangements typically involve activities that require authorisation under the Payment Systems and Services Act, 2019 (Act 987), the Foreign Exchange Act, 2006 (Act 723), and other regulatory requirements.

The relevant crypto platforms have NOT BEEN AUTHORISED by the Bank of Ghana to undertake such activities.

Accordingly,

• banks,
• Specialised Deposit-Taking Institutions,
• Eletronic Money Issuers,
• Payment Service Providers (PSPs), and
• other Regulated Financial Institutions

are hereby DIRECTED TO REFRAIN FROM ESTABLISHING OR MAINTAINING ARRANGEMENTS to facilitate the

• funding,
• operation,
• settlement, or
• customer access

to unauthorised fiat currency wallet services offered to users in Ghana.

Institutions that currency provide any banking, payment, card acquiring, settlement, or related services in support of such arrangements shall TAKE IMMEDIATE STEPS TO DISCONTINUE SUCH SUPPORT.

Failure to comply with this Directive may result in supervisory or enforcement actions.

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