BoG Orders Banks and Financial Institutions to Freeze Support for Unauthorised Crypto and Forex Wallets

BoG Orders Banks and Financial Institutions to Freeze Support for Unauthorised Crypto and Forex Wallets

The Bank of Ghana (BoG) has directed all banks and regulated financial institutions to immediately stop supporting unauthorized foreign currency wallet services offered by crypto platforms to users in Ghana.

The central bank raised concerns over the increasing use of fiat currency wallet arrangements — particularly those denominated in U.S. dollars — that are operated by crypto platforms.

These wallets are currently being funded through bank transfers, payment cards, and other payment channels provided by regulated financial institutions.

According to the BoG, these operations may involve activities that require explicit regulatory approval under several laws, including the Payment Systems and Services Act, 2019 (Act 987) and the Foreign Exchange Act, 2006 (Act 723).

The regulator emphasized that the crypto platforms involved do not hold the authorization required to conduct these activities in Ghana.

“Accordingly, banks, Specialised Deposit-Taking Institutions, Electronic Money Issuers, Payment Service Providers, and other Regulated Financial Institutions are hereby directed 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,” the BoG stated.

The directive mandates that institutions currently providing banking, payment processing, card acquiring, settlement, or related support services to these platforms must take immediate steps to terminate those arrangements.

The central bank warned that financial institutions failing to comply with the directive will face supervisory or enforcement actions.