Kofi Ahovi

The Bank of Ghana (BoG) has identified 20 mobile loan applications operating without the requisite licence or authorisation and warned the public against engaging with the platforms. The central bank said the operators were providing digital credit services in violation of the Directive for Digital Credit Service Providers in Ghana , issued in September 2025. In a notice issued on September 8, 2026, the BoG said the latest action formed part of its continuing efforts to sanitise Ghana's digital credit space and protect consumers from unlicensed operators. The identified 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 and Zoom Advance. According to the BoG, the operations of the identified entities raise concerns relating to consumer protection and the handling of customers' personal...

  The Bank of Ghana (BoG) has warned the public against using 20 unlicensed digital loan applications operating in the country, citing risks to consumer protection, data privacy and financial sector integrity. The central bank has also cautioned banks, Specialised Deposit-Taking Institutions (SDIs) and Payment Service Providers (PSPs) against facilitating or processing transactions for the identified digital lenders. In a public notice issued on Monday, August 3, 2026, the BoG said the affected entities were offering digital credit to consumers through mobile applications and other digital platforms without the required licence or authorisation. The Bank said their operations were in breach of the Directive for Digital Credit Service Providers in Ghana, which came into effect in September 2025. The general public is therefore strongly advised not to engage with unlicensed loan providers,” the BoG stated. It further warned regulated financial institutions and payment service provide...