The Bank of Ghana (BoG) has identified and flagged 20 mobile loan applications for allegedly operating without the required licence or regulatory authorisation.
In a notice issued on Wednesday, September 9, 2026, the central bank warned the public against dealing with the identified unlicensed loan providers, citing concerns over customer data privacy, consumer protection and compliance with Ghana’s financial sector regulations.
According to the Bank of Ghana, the operations of the flagged mobile loan apps constitute significant breaches of established regulatory standards, potentially exposing customers to risks associated with personal data protection and consumer rights.
The central bank has therefore urged members of the public to exercise caution when seeking online loans and mobile loan services in Ghana and to avoid engaging with loan companies that do not have the necessary regulatory approval.
BoG Warns Banks and Payment Service Providers
The Bank of Ghana has also cautioned banks, Specialised Deposit-Taking Institutions (SDIs) and Payment Service Providers (PSPs) against facilitating transactions for unlicensed loan providers.
The directive forms part of the central bank’s efforts to strengthen financial consumer protection in Ghana, promote responsible digital lending and ensure that financial service providers operate within the law.
Customers are encouraged to verify the regulatory status of a digital lender before providing personal information or entering into a loan agreement.
20 Mobile Loan Apps Flagged by BoG
The Bank of Ghana identified the following 20 loan apps as operating without the required licence or authorisation:
- 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
- Zoom Advance
The latest warning highlights the importance of checking whether a mobile loan app or digital lending company is licensed in Ghana before using its services.
Consumers are also advised to be particularly careful about sharing sensitive personal information with unlicensed digital lenders, given the Bank of Ghana’s concerns about data privacy and consumer protection.
Source: newsthemegh.com