The Bank of Ghana (BoG) has identified 20 mobile loan applications operating without the required regulatory licence or authorisation and warned the public against using their services.
In a notice issued on November 2, the central bank 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.
According to the Bank of Ghana, the activities of these providers raise concerns about customer data privacy, consumer protection and compliance with established regulatory standards.
The central bank said it was working with the Cyber Security Authority to sanitise the digital credit market and protect consumers from providers operating outside the regulatory framework.
As part of the intervention, the Bank of Ghana has cautioned banks, Specialised Deposit-Taking Institutions (SDIs) and Payment Service Providers (PSPs) against facilitating or processing transactions on behalf of the unlicensed loan operators.
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 central bank said it would continue working with relevant state institutions to identify, investigate and take appropriate enforcement action against the providers.
It has also urged the public to avoid engaging with unlicensed loan operators and report any information about their activities to the Bank of Ghana.
The latest notice highlights growing regulatory concerns over the rapid expansion of digital credit services, which allow consumers to access loans through mobile applications.
Although these platforms can make credit more accessible, operators working outside the regulatory framework may expose borrowers to risks involving personal data, lending practices and limited consumer protection.
The September 2025 Digital Credit Service Providers Directive establishes the regulatory framework governing digital credit services in Ghana.
The Bank of Ghana says its latest action forms part of broader efforts to strengthen oversight of the sector, protect borrowers and ensure that digital lending activities comply with the country’s financial regulations.
Source: Wesleyannews.com
Do you have a story to share? Send it to our editorial team at editor@wesleyannews.com