Accra: The Bank of Ghana (BoG) has instructed all banks and regulated financial institutions to immediately cease support for unauthorized foreign currency wallet services offered by crypto platforms to users in the country. The central bank has expressed concerns regarding the rising use of fiat currency wallet arrangements, particularly those in U.S. dollars, operated by crypto platforms.
According to Ghana Web, these wallets are being funded through bank transfers, payment cards, and other payment channels provided by regulated financial institutions. The BoG has indicated that such activities may require explicit regulatory approval under various laws, including the Payment Systems and Services Act, 2019 (Act 987) and the Foreign Exchange Act, 2006 (Act 723).
The central bank highlighted that the crypto platforms involved lack the necessary authorization to conduct these activities in Ghana. The BoG has directed banks, Specialised Deposit-Taking Institutions, Electronic Money Issuers, Payment Service Providers, and other regulated financial institutions to refrain from establishing or maintaining arrangements that facilitate unauthorized fiat currency wallet services.
The directive requires institutions currently offering banking, payment processing, card acquiring, settlement, or related support services to these platforms to immediately terminate those arrangements. The central bank has warned that financial institutions failing to adhere to the directive will be subject to supervisory or enforcement actions.