Bank of Ghana Orders Banks to Stop Supporting Unauthorised Foreign Currency Wallets by Crypto Platforms
The Bank of Ghana (BoG) has directed all banks and regulated financial institutions to immediately cease supporting unauthorised foreign currency wallet services offered by crypto platforms to users in Ghana.
In a strongly worded statement, the central bank expressed concern over the growing use of fiat currency wallet arrangements, particularly those denominated in U.S. dollars, operated by certain crypto platforms. These wallets are reportedly funded through bank transfers, payment cards, and other channels provided by regulated institutions.
The BoG noted that such arrangements may constitute activities requiring regulatory approval under the Payment Systems and Services Act, 2019 (Act 987), the Foreign Exchange Act, 2006 (Act 723), and other applicable laws.
The regulator stressed that the crypto platforms involved have not been licensed or authorised to offer such services in Ghana.
“Accordingly, banks, Specialised Deposit-Taking Institutions, Electronic Money Issuers, Payment Service Providers, and other Regulated Financial Institutions are hereby directed to refrain from establishing or maintaining arrangements that facilitate the funding, operation, settlement, or customer access to unauthorised fiat currency wallet services offered to users in Ghana,” the statement said.
The directive also requires institutions currently providing banking, payment processing, card acquiring, settlement, or related support services to such platforms to take immediate steps to discontinue those arrangements.
Financial institutions that fail to comply with the directive could face supervisory or enforcement actions from the central bank.
This latest move forms part of the BoG’s broader efforts to regulate digital financial services and safeguard the integrity of Ghana’s financial system amid the rapid expansion of cryptocurrency-related activities in the country.
