The Bank of Ghana has identified 20 unlicensed mobile loan apps operating in the country and warned consumers against using their services.
In a notice issued on November 2, the central bank said the providers were operating without the required licence or authorisation and in breach of its Directive for Digital Credit Service Providers introduced in September 2025.
The affected platforms are Active Loan, Boafo Cash, Cediln, Fair Moni, Fast Loan, Halo Loan, Jmoney, Kredi, KudiNow, LendJet, MeCedi, NhyiraCash, Palcash, Quick Eazzy, SikaFlow, SikaNea, Swift Lending, TrustCredit GH, Velzo and Zedvance.
BoG Raises Privacy and Consumer Protection Concerns
The regulator said the activities of the loan providers raised concerns about customer data privacy, consumer protection and compliance with financial sector rules.
Digital lending has expanded rapidly in Ghana, offering borrowers faster access to credit through mobile applications. But the Bank of Ghana said operators outside the regulatory framework could expose customers to unfair lending practices and misuse of personal information.
The central bank said it was working with the Cyber Security Authority to clean up the digital credit market and protect consumers.
Banks and PSPs Warned
The Bank of Ghana has also cautioned banks, Specialised Deposit-Taking Institutions and Payment Service Providers against processing transactions for the unlicensed platforms.
The warning places responsibility on regulated institutions to ensure their systems are not used to support unauthorised lending businesses.
BoG said it would continue working with relevant state institutions to identify, investigate and take enforcement action against unlicensed operators.
Members of the public have been advised to avoid dealing with such providers and report information about their activities to the central bank.
The latest action forms part of tighter oversight of Ghana’s growing digital credit sector.
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