BoG names 20 illegal loan apps, cautions against patronising them

The Bank of Ghana (BoG) has warned the public against using 20 mobile loan applications it says are operating without the requisite licence or authorisation.

The affected applications 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.

The central bank said the operations of the unlicensed digital credit service providers violate customer data privacy, consumer protection requirements and established regulatory standards.

“The Bank wishes to inform the public that the following mobile loan applications are operating without the requisite licence or authorisation from the Bank of Ghana,” the BoG said in a notice dated September 8.

The notice follows an earlier directive by the central bank on unlicensed Digital Credit Service Providers (DCSPs) as part of measures to sanitise Ghana’s digital credit space.

The BoG said the activities of the identified entities contravene the Directive for Digital Credit Service Providers in Ghana issued in September 2025.

It said it would continue working with relevant state institutions to identify, investigate and take enforcement action against unlicensed digital lenders.

“The general public is therefore strongly advised not to engage with unlicensed loan providers,” the BoG said.

The central bank also cautioned banks, Specialised Deposit-Taking Institutions and Payment Service Providers against facilitating or processing transactions on behalf of unlicensed loan providers.