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Ghana’s central bank, the Bank of Ghana (BoG), has flagged 20 mobile loan applications for operating without the required licences or authorisation and warned the public against using their services.
The regulator disclosed this in a statement issued by its Secretary, Aimee Vyda Quashie, on November 2, 2026.
The action, taken in collaboration with the Cyber Security Authority, forms part of efforts to clean up Ghana’s digital credit market and protect consumers from unauthorised lending activities.
The bank said the affected operators were acting in contravention of its September 2025 Directive for Digital Credit Service Providers, which sets out regulatory requirements for digital lending businesses in the country.
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Ghana Warns Against 20 Loan Apps
The Bank of Ghana said the operations of the identified platforms raise serious concerns about customer data privacy, consumer protection and compliance with established regulatory standards.
It added that it would work with relevant state institutions to investigate unauthorised operators and take enforcement action where necessary.
The statement partly reads:
- “The Bank of Ghana will continue to collaborate with relevant state institutions to identify, investigate, and take appropriate enforcement action against such entities in order to safeguard consumers and uphold the integrity and stability of the financial sector.”
The regulator’s position highlights the risks associated with digital credit providers operating outside the country’s licensing framework.
20 Loan Apps Named by Bank of Ghana
The regulator identified 20 mobile loan applications allegedly operating without the required licences or authorisation under its digital credit rules.
The affected platforms 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
- Zedvance
The Bank of Ghana warned members of the public against using the applications and cautioned financial institutions against facilitating transactions on behalf of the identified unlicensed providers.
It specifically named banks, Specialised Deposit-Taking Institutions (SDIs) and Payment Service Providers (PSPs) as institutions that should not facilitate or process transactions for the affected operators.
The directive is intended to strengthen regulatory oversight of digital credit providers and address risks involving borrowers’ personal information, lending practices and consumer protection.
What you should know
Nigeria has faced similar challenges involving unregistered digital lenders, particularly allegations of data privacy violations, unethical debt recovery practices and the proliferation of unauthorised loan applications.
In April 2024, Nairametrics reported that only 16 digital lending companies had obtained Central Bank of Nigeria (CBN) licences, highlighting the distinction between CBN-regulated lenders and platforms registered under the Federal Competition and Consumer Protection Commission’s (FCCPC) digital lending framework.
In March 2024, Nairametrics also reported that the Nigeria Data Protection Commission (NDPC) was investigating more than 400 alleged privacy breach cases involving digital lenders.
Another Nairametrics report in June 2024 showed that some unregistered loan applications had shifted to distributing their applications through Android Package Kit (APK) files after 47 platforms were delisted from the Google Play Store.
The developments highlighted the difficulties regulators face in restricting access to unauthorised lending platforms and enforcing digital lending rules.
While Ghana’s latest action targets the 20 applications identified by its central bank, the notice does not establish that all the platforms are Nigerian-owned or that they operate in Nigeria.
