The Bank of Ghana (BoG) has flagged 20 mobile loan applications operating without the necessary regulatory licence or authorisation, warning the public against engaging their services and urging financial institutions not to facilitate transactions involving the platforms. In a notice dated November 2, the central bank said the applications were operating in violation of its Directive for Digital Credit Service Providers in Ghana, 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 Bank of Ghana, the operations of these providers pose risks to customer data privacy and consumer protection, while raising concerns about adherence to established regulatory requirements. The regulator further disclosed that it was collaborating with the Cyber Security Authority to sanitise the digital credit market and safeguard consumers against unlicensed operators.
BoG cautions banks, payment providers
As part of its intervention, the central bank has warned banks, Specialised Deposit-Taking Institutions (SDIs), and Payment Service Providers (PSPs) against facilitating or processing transactions for unlicensed loan providers. This directive imposes additional responsibilities on regulated financial institutions and payment operators to ensure that their platforms and services are not used to support unauthorised digital lending activities.
The Bank of Ghana has stated that it will continue working with relevant state institutions to identify, investigate, and take appropriate enforcement actions against such providers. The public is advised to avoid engaging with unlicensed loan operators and to report any information regarding their activities to the central bank.
Digital lending faces tighter regulatory scrutiny
The latest notice highlights the regulatory challenges that have arisen due to the rapid growth of digital credit services, which enable consumers to access loans via mobile applications. While these platforms can make credit more accessible, providers operating outside the regulatory framework may expose borrowers to risks related to the handling of personal information, lending practices, and access to consumer protection mechanisms.
The September 2025 Digital Credit Service Providers Directive establishes the regulatory framework for digital credit services in Ghana. The Bank of Ghana’s most recent actions are part of efforts to strengthen oversight of the sector, protect borrowers, and ensure that digital lending activities comply with the country’s financial regulations.
