The Bank of Ghana (BoG) has warned the public against patronising 20 mobile loan applications operating without the necessary regulatory licence or authorisation.
In a notice dated November 2, the central bank said the operators were violating its Directive for Digital Credit Service Providers in Ghana, which was introduced in September 2025.
The affected applications 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 regulator, the operations of the unlicensed providers raise concerns over the protection of customers' personal data, consumer rights and adherence to established financial regulations.
The Bank of Ghana said it was collaborating with the Cyber Security Authority to sanitise the digital lending market and safeguard consumers against operators conducting business outside the approved regulatory framework.
Banks and payment providers cautioned
The central bank has also directed banks, Specialised Deposit-Taking Institutions (SDIs) and Payment Service Providers (PSPs) to refrain from facilitating or processing transactions for the identified loan applications.
The warning places an obligation on regulated financial institutions and payment operators to ensure their platforms are not used to support unauthorised digital credit services.
The regulator said it would continue engaging relevant state institutions to identify and investigate unlicensed operators and pursue appropriate enforcement measures against them.
It has urged consumers to stay away from such platforms and report any information about their operations to the central bank.
BoG intensifies oversight of digital lending
The latest intervention reflects growing regulatory concerns over the expansion of mobile-based lending services, which enable consumers to obtain credit through smartphone applications.
Although digital lending platforms can improve access to loans, operators working outside the regulatory system may expose customers to risks relating to personal data privacy, lending practices and limited consumer protection.
The Digital Credit Service Providers Directive, introduced in September 2025, provides the regulatory framework for digital credit operations in Ghana.
The Bank of Ghana's action is aimed at tightening supervision of the sector, protecting borrowers and ensuring that providers comply with the country's financial regulations.
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