The Bank of Ghana (BoG) has identified 20 mobile loan applications operating without the required regulatory licence or authorisation, warning the public against using their services and cautioning financial institutions against facilitating their transactions.
In a notice issued on November 2, the regulator said the applications were operating in breach of its Directive for Digital Credit Service Providers in Ghana, introduced in September 2025.
The applications named 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.
The Bank of Ghana said the activities of the providers raised concerns about customer data privacy, consumer protection and compliance with established regulatory standards.
It added that it was working with the Cyber Security Authority to sanitise the digital credit market and protect consumers from providers operating outside the regulatory framework.
BoG cautions banks, payment providers
As part of the intervention, the central bank has cautioned banks, Specialised Deposit-Taking Institutions (SDIs) and Payment Service Providers (PSPs) against facilitating or processing transactions on behalf of the unlicensed loan providers.
The directive places additional responsibility on regulated financial institutions and payment operators to ensure their platforms and services are not used to support unauthorised digital lending activities.
The Bank of Ghana said it would continue working with relevant state institutions to identify, investigate and take appropriate enforcement action against such providers.
The public has also been advised to avoid engaging with unlicensed loan operators and to report any information about their activities to the central bank.
Digital lending faces tighter regulatory scrutiny
The latest notice underscores the regulatory challenges associated with the rapid growth of digital credit services, which allow consumers to access loans through mobile applications.
While these platforms can make credit more accessible, providers operating outside the regulatory framework may expose borrowers to risks involving the handling of personal information, lending practices and access to consumer protection mechanisms.
The September 2025 Digital Credit Service Providers Directive establishes the regulatory framework governing digital credit services in Ghana.
The Bank of Ghana’s latest action forms part of efforts to strengthen oversight of the sector, protect borrowers and ensure that digital lending activities comply with the country’s financial regulations. Source:Nii Larte Lartey
