BoG orders unlicensed digital lenders to register by June 2026 or face shutdown

The Bank of Ghana (BoG) has issued a firm directive to all unlicensed mobile loan applications and digital credit providers operating in the country to regularise their activities by June 30, 2026, or face severe regulatory sanctions, including suspension and closure.

Beginning November 3, 2025, the central bank will start receiving applications from companies seeking to operate as Digital Credit Services Providers (DCSPs) under new licensing guidelines. These guidelines are aimed at restoring discipline, promoting transparency, and ensuring consumer protection in Ghana’s rapidly expanding digital lending sector.

The move comes amid mounting public concern over the surge of unregulated online lenders accused of imposing excessive interest rates, violating data privacy laws, and harassing borrowers through unethical debt collection tactics.

In a statement, the Bank of Ghana warned that any entity that fails to comply with the directive within the stated timeframe will face “appropriate regulatory action”, in line with the bank’s broader mandate to protect consumers and preserve confidence in the nation’s fintech and digital credit ecosystem.

The BoG further urged all existing operators to submit the necessary documentation to the FinTech and Innovation Office for review and licensing before the June 2026 deadline.

The central bank reaffirmed its commitment to ensuring that digital financial services operate responsibly and within the law, saying the new framework will help eliminate predatory lending practices while fostering innovation and stability in the financial technology space.