The Bank of Ghana (BoG) has flagged 20 mobile loan applications for operating without the required licence or authorisation, warning the public against engaging with the entities.
In a notice issued on Wednesday, September 9, 2026, the central bank said the activities of the identified digital lenders constituted significant violations of customer data privacy, consumer protection requirements and established regulatory standards.
The Bank said it was taking steps to sanitise Ghana’s rapidly expanding digital credit market and protect consumers from unlicensed entities offering loan services outside the country’s regulatory framework.
The BoG has therefore advised members of the public to exercise caution and verify the regulatory status of digital credit providers before using their services.
It has also warned banks, Specialised Deposit-Taking Institutions (SDIs) and Payment Service Providers (PSPs) against facilitating or processing transactions on behalf of unlicensed digital loan providers.
According to the central bank, the activities of the affected applications contravene the Directive for Digital Credit Service Providers in Ghana, issued in September 2025.
The 20 applications identified by the Bank are Cascredit, Cash Future, Cash Cedi, Cashpal, Cashpal Pro, CreditGo, Funds Credit, Glow Credit, Moni Wave, MoniLend, Nova Cedi, Onua Loan, Quick Cedi, Sika Boost, Sika Credit, Sompa Loan, Sune Credit, Swift Lend, Target Credit and Zoom Advance.
The move reflects growing regulatory concerns about the operations of digital lenders, particularly the potential misuse of customers’ personal information, unfair lending practices and inadequate consumer protection mechanisms.
Mobile and digital lending platforms have become increasingly popular as consumers seek quick access to short-term credit without having to go through the traditional processes associated with banks and other regulated financial institutions.
However, the growth of the sector has also raised concerns about whether all operators are adequately regulated and whether consumers are sufficiently protected from data privacy breaches and potentially abusive collection practices.
The Bank of Ghana said its latest action formed part of broader efforts to ensure that digital credit services operate within the country’s established legal and regulatory framework.
The central bank urged consumers to conduct the necessary checks before downloading or using loan applications and to avoid providing personal and financial information to entities whose regulatory status cannot be verified.
The warning to banks, SDIs and PSPs is also expected to limit the ability of unlicensed digital lenders to use Ghana’s formal financial system to collect repayments or facilitate other transactions.
The BoG reiterated its commitment to protecting consumers and maintaining confidence in Ghana’s financial system, while supporting the development of a properly regulated digital financial services industry.
Source: businesspostonline
