The Bank of Ghana (BoG) has directed all regulated financial institutions to immediately discontinue any arrangements that support unauthorised foreign currency wallet services being offered by some crypto currency platforms to users in Ghana.
According to the central bank, those wallet services, which were mostly denominated in United States dollars were being facilitated through bank transfers, payment cards and other payment channels provided by some regulated financial institutions.
A statement issued by the BoG and signed by the Secretary of the Bank, Mrs Aimee Vyda Quashie, and copied to The Ghanaian Times yesterday stressed that institutions found to be supporting such activities risk facing supervisory and enforcement sanctions.
The directive applies to banks, Specialised Deposit-Taking Institutions (SDIs), Electronic Money Issuers (EMIs), Payment Service Providers (PSPs), and other regulated financial institutions.
The BoG said it had observed with concern the growing use of foreign currency wallet arrangements operated by certain crypto platforms without the necessary regulatory approval.
It explained that the activities associated with those wallet services fell within areas regulated under the Payment Systems and Services Act, 2019 (Act 987), the Foreign Exchange Act, 2006 (Act 723), and other applicable laws.
“The relevant crypto platforms have not been authorised by the Bank of Ghana to undertake such activities,” the statement emphasised.
As a result, all regulated institutions currently providing banking, payment, card acquiring, settlement or related services that facilitate such arrangements have been instructed to take immediate steps to terminate their involvement.
Meanwhile, the central bank has announced an extension of the deadline for the registration of International Money Transfer Operators (IMTOs) operating in the country.
The extension follows an earlier notice issued on January 20, 2026, regarding the registration and operations of IMTOs in Ghana.
Under the new directive, existing IMTOs now have until July 31, 2026, to complete their registration under the Guidelines for the Registration and Operations of International Money Transfer Operators.
The BoG urged all affected operators to use the extension period to regularise their operations and submit the required documentation before the deadline.
It warned that any existing IMTO that fails to comply with the registration requirements within the stipulated period would not be allowed to continue operating in Ghana.
Furthermore, any partnerships or arrangements such operators maintain with banks, SDIs and PSPs would automatically become null and void.
The central bank cautioned that non-compliant entities could face additional regulatory and enforcement measures under the country’s financial sector laws.
The BoG therefore called on all regulated institutions to ensure strict compliance with the directives as part of efforts to safeguard the integrity, stability and regulatory compliance of Ghana’s financial system.
BY KINGSLEY ASARE
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