Bank of Ghana orders financial institutions to cut links with unauthorised crypto wallets

• The Bank of Ghana (BoG) has ordered all regulated financial institutions to stop dealing with cryptocurrency platforms operating unauthorised foreign currency wallets.

• The directive affects banks, fintechs, mobile money operators and payment service providers, with the central bank warning of sanctions for non-compliance.

• BoG says the move is to enforce compliance with Ghana’s financial and foreign exchange laws.

The Bank of Ghana (BoG) has instructed all regulated financial institutions to immediately stop working with cryptocurrency platforms operating unauthorised foreign currency wallet services in the country.

The central bank warned that any institution that fails to comply with the directive could face strict penalties.

In a notice issued to financial institutions, the BoG directed banks, mobile money operators, fintech companies, payment service providers, and other regulated entities to stop supporting digital wallet services that allow users in Ghana to hold or transact in foreign currencies without approval.

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The directive comes as the BoG says it has observed a growing number of cryptocurrency platforms offering digital US dollar wallets to users in Ghana.

These services often allow people to move money outside traditional banking systems using local bank transfers, credit cards, and mobile money platforms.

According to the central bank, many of these activities breach Ghana’s financial laws, including the Payment Systems and Services Act, 2019 (Act 987), and the Foreign Exchange Act, 2006 (Act 723).

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The BoG clarified that no cryptocurrency company has been granted approval to run foreign currency wallet services or operate parallel banking systems in Ghana.

As part of the directive, institutions currently helping these platforms process payments, card transactions, or settlements have been ordered to immediately stop such arrangements and remove all related technical systems.

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The order affects a wide range of financial institutions, including commercial banks, specialised deposit-taking institutions, mobile money issuers, fintech companies, payment service providers, and card processing firms.

The central bank stressed that delays or failure to comply with the directive will attract regulatory action and supervisory sanctions.