BoG Flags Unlicensed Digital Payment Services Operating Illegally

The Bank of Ghana (BoG) has recently issued a critical advisory warning consumers against engaging with two digital payment platforms, YellowPay and HanyPay, which have been identified as operating without official authorization within Ghana. The central bank highlighted that these platforms lack the necessary regulatory approval, thereby exposing users to significant financial risks including fraud, data breaches, and potential monetary losses.

This announcement comes amid a surge in the adoption of digital financial services across the country. As more Ghanaians embrace cashless transactions for convenience and efficiency, the BoG’s alert serves as a timely reminder about the dangers posed by unregulated entities in this rapidly expanding sector.

The Growing Importance of Consumer Caution in Digital Finance

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