Bank of Ghana Issues Directive Against Unauthorized Fiat USD Wallet Services
The Bank of Ghana (BoG) has issued a supervisory directive ordering all regulated financial institutions to immediately cease support for unauthorised fiat currency wallet services.
The directive, issued on June 12, 2026, highlights the Central Bank’s concerns regarding certain crypto platforms offering foreign currency wallets, primarily denominated in United States Dollars (USD), to users within Ghana. These platforms have been facilitating transactions through bank transfers, payment cards, and other channels provided by local regulated institutions.
According to the BoG, these activities fall under the jurisdiction of the Payment Systems and Services Act, 2019 (Act 987) and the Foreign Exchange Act, 2006 (Act 723). The bank stated explicitly that the crypto platforms currently offering these services have not been authorised to operate in this capacity within the country.
The Bank of Ghana has directed a wide range of entities, including banks, specialized deposit-taking institutions, electronic money issuers, and payment service providers, to refrain from establishing or maintaining any arrangements that facilitate the funding, settlement, or operation of these unauthorised wallets, and to take immediate steps to discontinue any existing support for these services, including banking, card acquiring, or related payment services.
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The notice, signed by the secretary of the bank, Aimee Vyda Quashie (Ms.), warns that failure to comply with this directive may result in supervisory or enforcement actions against the non-compliant institutions.
For entities looking to regularise their operations or seek technical support regarding registration, the bank has provided a dedicated contact at vasp@bog.gov.gh, suggesting that a pathway for regulated Virtual Asset Service Providers (VASPs) may be part of the future financial landscape, provided they meet legal requirements.
