BoG orders banks to cut ties with unauthorised USD wallet services

The Bank of Ghana (BoG) has directed regulated financial institutions to immediately stop supporting unauthorised United States dollar wallet services operating in the country.

The directive, issued by the Secretary of the Bank, Ms. Aimee Vyda Quashie, on June 12, 2026, targets fiat currency wallet arrangements offered by certain cryptocurrency platforms to users in Ghana.

According to the central bank, some of these platforms allow users to operate foreign currency wallets, mainly in US dollars, through bank transfers, payment cards and other payment channels facilitated by regulated financial institutions.

The Bank of Ghana said it had observed the growing use of such arrangements with concern, stressing that the activities involved require authorisation under Ghana’s regulatory framework.

It noted that the operation of these services may fall under the provisions of the Payment Systems and Services Act, 2019 (Act 987), the Foreign Exchange Act, 2006 (Act 723), and other relevant regulations governing financial transactions in the country.

“The relevant crypto platforms have not been authorised by the Bank of Ghana to undertake such activities,” the notice stated.

As a result, banks, Specialised Deposit-Taking Institutions, Electronic Money Issuers, Payment Service Providers and other regulated financial institutions have been instructed not to establish or maintain arrangements that facilitate the funding, operation, settlement or customer access to the unauthorised wallet services.

The directive further requires institutions that currently provide banking, payment, card acquiring, settlement or related services to such platforms to take immediate steps to discontinue the support.

“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,” the Bank of Ghana directed.

The central bank also warned that failure to comply with the directive could attract regulatory sanctions.

“Failure to comply with this Directive may result in supervisory or enforcement actions,” the notice cautioned.

The central cank believes that this will ensure compliance with financial regulations and maintain oversight of payment and foreign exchange activities within the financial sector.