The Bank of Ghana (BoG) has identified and flagged 20 mobile loan applications for allegedly operating without the required licence or regulatory authorisation to provide digital credit services in Ghana.
The affected loan apps in Ghana include 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.
According to the central bank, the activities of the identified digital lenders constitute breaches of Ghana’s regulatory requirements, including customer data privacy, consumer protection rules and other financial sector standards.
Bank of Ghana Warns Public Against Unlicensed Loan Apps
In a statement, the Bank of Ghana urged members of the public to exercise caution and avoid dealing with the identified unlicensed digital credit providers.
The central bank said it is working with relevant state institutions to identify and investigate the operators behind the applications and take appropriate enforcement action.
The BoG also encouraged consumers who encounter unlicensed digital lending platforms to report their activities to the central bank.
The Bank of Ghana stressed that its enforcement efforts are aimed at protecting consumers and maintaining the integrity, safety and stability of Ghana’s financial sector.
Banks, Specialised Deposit-Taking Institutions (SDIs) and Payment Service Providers (PSPs) have also been cautioned against facilitating or processing transactions on behalf of unlicensed loan providers.
Digital Credit Providers Must Obtain BoG Approval
The latest action forms part of the Bank of Ghana’s ongoing efforts to clean up Ghana’s digital credit market and protect consumers from potentially abusive or unregulated lending practices.
The central bank’s Directive on Digital Credit Service Providers, issued in September 2025, requires companies and entities offering digital credit services in Ghana to obtain the necessary licence or authorisation before commencing operations.
The BoG said operating a digital lending business without the required regulatory approval is a violation of the directive.
Consumers are therefore advised to verify whether a digital loan company or mobile loan app is licensed by the Bank of Ghana before sharing personal information or entering into a credit agreement.
The Bank of Ghana’s latest warning highlights the growing importance of consumer protection, data privacy and financial regulation as Ghana’s digital lending and fintech industry continues to expand.
Source: newsthemegh.com