Ghana Orders Banks to Cut Ties With Crypto-Linked Dollar Wallet Services

What to Know

• The Bank of Ghana has ordered regulated financial institutions to stop supporting unauthorized dollar-denominated wallet services linked to crypto platforms.
• The central bank says no crypto platform has authorization to operate such cross-border financial services in Ghana.
• Ghana also extended the registration deadline for International Money Transfer Operators (IMTOs) to July 31, 2026.
• Authorities are tightening oversight of both traditional remittance providers and emerging digital payment platforms.
• The move reflects growing concerns around foreign exchange management, regulatory oversight, and financial stability.

The Bank of Ghana has issued two directives targeting unregistered money transfer operators and ordering banks to cut ties with crypto platforms that provide unauthorised foreign currency wallet services.

The Bank of Ghana Issued Directives

In two notices dated June 12, 2026, the Bank of Ghana gave directives to International Money Transfer Operators (IMTOs) and to all regulated financial institutions in the country. 

The first notice, NOTICE NO. BG/GOV/SEC/2026/13 informs IMTOs that it has extended the registration deadline to the 31st of July, 2026. The deadline was previously set for January 2026.

The bank urged IMTOs to “take advantage of this extension to regularise their operations and submit all required documentation to the Bank of Ghana on or before the stated deadline.” IMTOs that fail to comply would no longer be allowed to operate in Ghana. The Bank of Ghana also informed that failure to comply would render the IMTOs’ existing relationship with local banks and other financial institutions “null and void.”

They could also be subjected to further regulatory action where applicable. 

The second notice, NOTICE NO. BG/GOV/SEC/2026/14 ordered all regulated financial institutions to immediately terminate relationships with crypto platforms that offer unauthorised foreign currency support in the country, particularly USD.

The central bank noted that these services were being supported through bank transfers, payment cards, and other channels provided by local financial institutions.

The central bank noted that “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,” and that “the Bank of Ghana has not authorised relevant crypto platforms to undertake such activities.”

Why the Bank of Ghana is Concerned

The Bank of Ghana’s issue here is not the use of crypto but the control over the infrastructure used to move money across borders.

Because these platforms have not been granted approval by the Bank of Ghana, the actions and the provision of infrastructure to support them are illegal.

In effect, some platforms had been operating cross-border, dollar-denominated financial services at scale, without a license to do so. The central bank is effectively drawing a line between regulated fintech innovation and unauthorised dollar-based financial infrastructure.

The Remittance Stakes

Ghana’s remittance economy makes this debate consequential. In his 2026 State of the Nation Address, the President of Ghana, John Mahama, noted that formal remittance inflows reached a record high of $7.8 billion.

In 2024, formal remittance inflows reached an estimated $6.65 billion. The total in 2024, including informal remittance channels, raises that figure to an estimated $11.5 billion. This places remittance inflows above both cocoa and gold as sources of foreign currency. It is almost a third of the country’s total foreign exchange earnings.

The scale makes it significant for Ghana and explains why the Bank of Ghana is paying close attention. Cross-border payments sit at the centre of foreign currency inflows, and any parallel system that moves dollars outside regulatory visibility is a direct concern for exchange rate management and financial stability.

Fintechs Reshaped the Market and Raised the Stakes

Like in most of Africa, especially sub-Saharan Africa, Traditional banking structures and providers such as Western Union and MoneyGram have historically dominated the market. 

These systems were slow and expensive to use. Then fintechs arrived. Startups such as LemFi and WorldRemit provided cheaper and faster options. As a result, they have aggressively captured market share with their low transaction fees.

For many Ghanaian workers, companies, and households, that meant more money in their pockets and real, tangible benefits. The problem, which it seems the Bank of Ghana is trying to correct, is that it has led to financial services operating at a banking scale, without banking licenses.

Not Anti-Innovation, But Innovation With Responsibility

The Bank of Ghana has consistently positioned itself as a supporter of digital finance. It has established dedicated departments for fintech, artificial intelligence, and virtual assets, and completed a pilot of the e-Cedi, Ghana’s proposed central bank digital currency.

In his keynote address at the 10th Ghana CEO Summit and Expo, Bank of Ghana Governor, Dr. Johnson Asiama, said; 

Artificial intelligence, data analytics, cloud computing, and digital finance are redefining business models and market structures globally. Ghana cannot afford to be a passive observer in this transformation.

He further reaffirmed The Bank of Ghana’s position at the forefront of digital financial innovation. 

The establishment of the FinTech and Innovation Department and the Virtual Assets Department reflects our commitment to building a modern, inclusive, and efficient payment ecosystem.

But his stance also came with caution. 

Innovation must be responsible. As we embrace technological transformation, we must ensure that innovation is accompanied by sound governance, ethical safeguards, cybersecurity resilience, and consumer protection. The challenge before us is therefore not simply to digitise – it is to digitise responsibly and inclusively.

The directives reflect that dual mandate. Ghana is not rejecting digital finance. It says that digital finance must operate within a regulated framework. 

Part of a Continent-Wide Shift

Ghana’s actions fit a broader pattern across Africa. South Africa has ruled out foreign stablecoins as payment tools. The IMF also recently issued a warning to Nigeria regarding the rise of stablecoins and the potential risk. This warning came as Nigeria’s Senate advances its crypto bill to the committee for review.

Zimbabwe has also recently introduced its first regulatory framework for crypto platforms, which includes new anti-money laundering compliance controls.

Ghana’s latest directives are the clearest signal yet that African regulators are entering a phase of payment infrastructure governance.

What Comes Next

For IMTOs, the July 31 deadline is final. For crypto platforms offering dollar wallet services, the directive takes effect immediately.

Traditional banking systems and regulated financial institutions in Ghana will need to add an extra layer of scrutiny to their relationships with fintech partners, as the directive noted; institutions that fail to comply face supervisory and enforcement action.

For users, the immediate impact may be limited, as the directives are designed to bring operators into compliance rather than shut down legitimate flows, but the message from Accra is clear. Unmonitored cross-border money movement, whether through old-school operators or crypto-linked dollar wallets, is no longer tolerated.