The Bank of Ghana (BoG), in partnership with the Cyber Security Authority (CSA), has intensified efforts to clamp down on unlicensed digital credit operators, warning the public against borrowing from entities operating outside the country’s regulatory framework.
In a statement issued on November 2, 2026, the Central Bank said the operators were providing digital credit services without the required licences or authorisation, in breach of the Directive for Digital Credit Service Providers in Ghana issued in September 2025.
The BoG said the activities of these operators posed significant risks to consumers, particularly in relation to personal data privacy, consumer protection and compliance with established financial sector standards.
It said the joint enforcement effort was aimed at identifying and investigating illegal operators and taking appropriate regulatory action to sanitise the digital lending market.
“The Bank of Ghana will continue to collaborate with relevant state institutions to identify, investigate, and take appropriate enforcement action against such entities in order to safeguard consumers and uphold the integrity and stability of the financial sector,” the statement said.
The Central Bank consequently advised the public to avoid engaging with digital loan providers that do not hold the requisite regulatory approval, cautioning that such platforms could expose borrowers to practices that fall outside established consumer protection safeguards.
It also extended the warning to regulated financial institutions and payment operators, urging banks, Specialised Deposit-Taking Institutions (SDIs) and Payment Service Providers (PSPs) not to facilitate or process transactions on behalf of unlicensed digital lenders.
The latest intervention forms part of efforts to strengthen oversight of Ghana’s rapidly evolving digital credit market and ensure that operators comply with licensing, data protection and consumer protection requirements.
The BoG indicated that its collaboration with the CSA and other state institutions would continue as authorities seek to identify unauthorised operators and protect consumers from potentially harmful lending practices.
The Central Bank also published a list of 20 digital credit service providers operating without the required authorisation and urged the public to consult the list before accessing digital loan services.
Source: businesspostonline
