By Jibril Abdul Mumuni, GNA
Accra, Sept. 9, GNA – The Bank of Ghana (BoG) has published a list of 20 digital loan providers operating without the requisite licence or authorisation and cautioned the public against engaging with them.
The move forms part of the Bank’s ongoing efforts to sanitise Ghana’s digital credit ecosystem and protect consumers from unauthorised entities offering digital credit services in contravention of the Directive for Digital Credit Service Providers in Ghana issued in September 2025.
In a notice issued to licensed financial institutions and the public, the Central Bank named the affected mobile loan applications as Cascredit, Cash Future, Cash Cedi, Cashpal, Cashpal Pro, CreditGo, Funds Credit, Glow Credit, Moni Wave, and MoniLend.
The rest are Nova Cedi, Onua Loan, Quick Cedi, Sika Boost, Sika Credit, Sompa Loan, Sune Credit, Swift Lend, Target Credit and Zoom Advance.
The Bank said the operations of the listed entities were being conducted without the required regulatory approval, and constituted significant violations of customer data privacy, consumer protection requirements and established regulatory standards.
It noted that unlicensed digital lending activities posed risks to consumers and undermined efforts to maintain a safe, secure and well-regulated financial sector.
“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, safety and stability of the financial sector,” the notice said.
The Central Bank strongly advised members of the public not to engage with unlicensed loan providers and urged prospective borrowers to verify the regulatory status of digital credit service providers before accessing their services.
It also cautioned banks, Specialised Deposit-Taking Institutions (SDIs), and Payment Service Providers (PSPs) against facilitating or processing transactions on behalf of unlicensed loan providers.
The BoG encouraged individuals who become aware of the activities of illegal digital lenders to report them to its Fintech and Innovation Department through established communication channels.
The latest publication follows an earlier notice on unlicensed Digital Credit Service Providers and reflects the Bank’s intensified efforts to strengthen oversight of the rapidly growing digital lending market in Ghana.
GNA
Edited by Agnes Boye-Doe
Reporter: Jibril Abdul Mumuni