The Bank of Ghana has directed banks, Specialised Deposit-Taking Institutions, Electronic Money Issuers, Payment Service Providers, and other Regulated Financial Institutions 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.

It follows concern the operation of fiat currency wallet arrangements, denominated in foreign currencies, mainly United States Dollars by certain crypto platforms for users in Ghana, supported through bank transfers, payment cards, and other payment channels provided by some Regulated Financial Institutions.

 These arrangements typically involve activities that require authorisation under the Payment Systems and Services Act, 2019 (Act 987), the Foreign Exchange Act, 2006 (Act 723), and other regulatory requirements.

In a statement, the Central Bank said the relevant crypto platforms have not been authorized to undertake such activities.

“Institutions that currently provide any banking, payment, card acquiring, settlement, or related services in support of such arrangements shall take immediate steps to discontinue such support”, it advised.

It concluded that failure to comply with the directive may result in supervisory or enforcement actions.