Cryptocurrency (crypto) platforms operating fiat currency wallets, mainly in U.S. dollars, for Ghanaian users without authorization will have their licenses revoked in the coming days, the Bank of Ghana (BoG) has warned.
According to a statement by the central bank 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.
Part of the statement read, “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.
“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. Failure to comply with this Directive may result in supervisory or enforcement actions”.
Crypto, a digital form of money built on blockchain technology, allows peer‑to‑peer transactions without the interference of banks or governments.
In 2024, the largest cryptocurrency exchange platform globally, Binance, published findings from a Binance & Pulse Survey revealing that Ghana leads in cryptocurrency and blockchain adoption across Africa.
The survey underscores Ghana’s enthusiastic embrace of these technologies, with respondents showing a strong grasp of their benefits, applications, and potential. Ghana’s impressive ranking as ninth out of 27 countries in crypto adoption highlights its robust potential for further growth in the sector.
This trend is significant amid a period of solid market expansion. Statista [2] projects revenues to reach $1.5 billion in 2024, growing at a compound annual rate of 8.62%, with expectations to total $71.7 billion by 2028.
According to Mordor Intelligence [3], the rapid and continuous adoption of digital assets is propelling market advancement, enhancing transaction security and efficiency, and fostering broader adoption and integration across organizations and individuals.
“Our pulse survey really underscores how Ghana is embracing blockchain technology and how open they are to engaging on the topic,” says Yande Nomvete, Operations Manager for Binance in Africa. “The quiz achieved more than 20,000 impressions with a reach of more than 20,000 users over a three-day period, which is exceptional.
The quiz aimed to explore fundamental beliefs and perceptions held by users in the region. It covered topics ranging from the importance of financial literacy in cryptocurrency to how digital currencies can enhance financial adoption in Africa.
Over 50% of respondents emphasized that financial literacy in cryptocurrency involves understanding market trends, avoiding scams, and making informed investment decisions. This underscores their awareness of the careful consideration needed to navigate cryptocurrency investments effectively.
Over 70% of participants hold the view that cryptocurrency has the potential to enhance financial inclusion in Africa through fostering fintech innovation and driving economic growth. Concurrently, a significant majority (more than 70%) acknowledge the importance of vigilance and adherence to security protocols when engaging with cryptocurrencies.
“It was impressive how many respondents chose the correct security answers to questions around best security practices and approaches,” says Nomvete. “For example, when asked what was not a recommended security practice for cryptocurrency users, more than 70% said sharing private keys with friends. Users in the region also immediately identified the importance of anti-money laundering (AML) best practices in mitigating fraud, and the value of doing extensive research into reputable cryptocurrency exchanges before handing over their funds (60%).”
Ghana demonstrates a robust grasp of cryptocurrencies and the significance of establishing a portfolio with a trusted service provider known for its dependable reputation. Binance is committed to advancing the adoption of reliable and accessible cryptocurrencies globally.
Recognizing the economic benefits of crypto and its role in fostering growth is crucial, and partnering with a platform that emphasizes security is vital for cultivating a prosperous portfolio. Binance adheres to rigorous protocols, employs cutting-edge technical safeguards, offers advanced data privacy features, and integrates security deeply within its organizational framework.
“Our understanding of the market wedded to the impressive cryptocurrency savvy of Ghanaian users equals long-term success for investors in this country,” concludes Nomvete.
