The Bank of Ghana (BoG) has directed all banks and other regulated financial institutions in the country to immediately cease providing support for unauthorised foreign currency wallet services operated by cryptocurrency platforms.
The directive applies to banks, Specialised Deposit-Taking Institutions, Electronic Money Issuers, Payment Service Providers and other regulated financial entities.
In a statement, the central bank expressed concern over the growing use of fiat currency wallet arrangements, particularly U.S. dollar-denominated wallets, operated by certain crypto platforms and funded through bank transfers, payment cards and other payment channels linked to regulated institutions.
“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 BoG further instructed institutions currently offering banking, payment processing, card acquiring, settlement or related services to such platforms to immediately discontinue such arrangements.
It explained that the move was part of efforts to ensure compliance with existing financial regulations and to safeguard the integrity of the country’s financial system.
According to the central bank, the directive is aimed at preventing unauthorised financial activities and reducing risks associated with unregulated digital currency operations.
The BoG reiterated its commitment to maintaining financial stability while ensuring that innovation in the financial sector operates within approved regulatory frameworks.
It also warned that it would continue to monitor the activities of financial institutions and enforce compliance with all applicable rules and guidelines.
The bank urged stakeholders in the financial and fintech sectors to adhere strictly to the directive to avoid regulatory sanctions.
The latest action adds to ongoing efforts by central banks across Africa to regulate the rapidly expanding cryptocurrency and digital asset ecosystem.
