The Bank of Ghana (BoG) has directed all regulated financial institutions to immediately cease supporting unauthorised foreign currency wallet services offered by certain cryptocurrency platforms to users in Ghana.
In a statement, the central bank expressed concern over the growing operation of fiat currency wallet arrangements, particularly those denominated in foreign currencies such as the United States Dollar (USD), by some crypto platforms. These services are reportedly funded through bank transfers, payment cards and other payment channels facilitated by regulated financial institutions.
The directive applies to banks, Specialised Deposit-Taking Institutions, Electronic Money Issuers, Payment Service Providers and other regulated entities operating within Ghana’s financial sector.
According to the BoG, these institutions must refrain from establishing or maintaining any arrangement that enables the funding, operation, settlement or customer access to unauthorised foreign currency wallet services.
The central bank further instructed institutions currently providing banking, payment processing, card acquiring, settlement or related services in support of such arrangements to take immediate steps to discontinue them.
The BoG warned that failure to comply with the directive could result in supervisory or enforcement action against offending institutions.
The regulator explained that these wallet arrangements often involve activities that require prior authorisation under the Payment Systems and Services Act, 2019 (Act 987), the Foreign Exchange Act, 2006 (Act 723), and other applicable regulatory frameworks.
It emphasised that the crypto platforms involved have not been granted approval by the Bank of Ghana to undertake such activities.
The directive forms part of the central bank’s ongoing efforts to strengthen oversight of digital financial services and ensure compliance with Ghana’s financial and foreign exchange regulations.
