The Bank of Ghana (BoG) has identified 20 mobile loan applications operating in the country without the requisite licence or authorisation and has warned the public against engaging with them.
The warning forms part of the central bank’s ongoing efforts to sanitise Ghana’s digital credit sector and protect consumers from unlicensed digital credit service providers (DCSPs).
In a notice issued on September 8, 2026, the BoG said the identified platforms were operating in violation of the Directive for Digital Credit Service Providers in Ghana, issued in September 2025.
The affected loan applications are:
- 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
- Zoom Advance
BoG raises consumer protection concerns
The central bank said the operations of the listed entities constitute significant violations of established regulatory standards, particularly in the areas of customer data privacy and consumer protection.
It said it would continue working with relevant state institutions to identify and investigate unlicensed digital credit providers and take appropriate enforcement action against them.
According to the BoG, the measures are intended to safeguard consumers while protecting the integrity, safety and stability of Ghana’s financial sector.
Financial institutions cautioned
The Bank of Ghana has also cautioned banks, specialised deposit-taking institutions (SDIs) and payment service providers (PSPs) against facilitating or processing transactions on behalf of unlicensed digital credit providers.
The central bank urged members of the public to avoid obtaining loans from platforms that do not have the necessary regulatory approval.
It further encouraged anyone who becomes aware of the activities of unlicensed loan providers to report them to the BoG’s Fintech and Innovation Department.
The latest notice follows an earlier warning issued by the central bank on unlicensed digital credit service providers as the regulator intensifies efforts to bring Ghana’s rapidly expanding digital lending sector under regulatory control.
Source: www.kumasimail.com
