The Bank of Ghana (BoG) has directed all banks and regulated financial institutions to immediately stop facilitating unauthorised foreign currency wallet services provided by cryptocurrency platforms to users in the country.

The directive follows concerns by the central bank over the increasing use of fiat currency wallet arrangements, particularly those denominated in U.S. dollars, by some crypto platforms operating in the country.

According to the BoG, these wallet services are often funded through bank transfers, payment cards, and other payment channels offered by regulated financial institutions.

In a statement, the central bank indicated that such activities may fall under regulatory requirements outlined in the Payment Systems and Services Act, 2019 (Act 987), the Foreign Exchange Act, 2006 (Act 723), and other relevant laws governing financial transactions in Ghana.

The Bank of Ghana stressed that the cryptocurrency platforms involved have not received the necessary authorisation to provide these services within the country. As a result, it has instructed all regulated institutions to discontinue any arrangements that support the operation of such wallets.

“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 statement said.

The directive affects a wide range of financial service providers, including banks, payment service providers, electronic money issuers, and specialised deposit-taking institutions.

These entities have been asked to halt any services that enable customers to fund, operate, settle transactions, or access unauthorised foreign currency wallets linked to crypto platforms.

Additionally, the BoG has instructed institutions that currently provide banking services, payment processing, card acquiring, settlement support, or related services to these platforms to take immediate action to terminate such relationships.

The move forms part of the central bank’s efforts to strengthen oversight of the financial sector and ensure compliance with existing regulatory frameworks.

The regulator maintains that any entity offering financial services in Ghana must obtain the appropriate approvals before commencing operations.

The Bank of Ghana further warned that institutions that fail to comply with the directive could face supervisory measures or enforcement actions.

The warning underscores the regulator’s determination to safeguard the integrity of the financial system and prevent unauthorised financial activities from operating through regulated channels.