Bank of Ghana Names 20 Unlicensed Loan Apps, Warns Users

In Short

The Bank of Ghana (BoG) has flagged 20 mobile loan applications for operating without the required licences or authorisation. It warned the public against using them.

What Happened

The Bank of Ghana said the named apps were operating without the licences or authorisation required under Ghana’s digital credit rules.

BoG said it is acting with the Cyber Security Authority as part of efforts to clean up Ghana’s digital credit market and protect consumers from unauthorised lending.

The regulator said the apps were acting in contravention of its September 2025 Directive for Digital Credit Service Providers. The directive sets out regulatory requirements for digital lending businesses in Ghana.

BoG said these operations raise serious concerns about customer data privacy, consumer protection, and compliance with regulatory standards. It also said it would work with relevant state institutions to identify and investigate unauthorised operators and take enforcement action where necessary.

The central bank also cautioned financial institutions against facilitating transactions for the named operators. It specifically mentioned banks, Specialised Deposit-Taking Institutions (SDIs), and Payment Service Providers (PSPs).

Why It Matters

Digital credit is lending delivered through apps and other digital channels, instead of a branch. BoG’s warning signals that licensing and compliance checks are a key part of operating in Ghana’s digital lending market.

The bank’s statement also puts focus on data privacy and consumer protection risks, including how borrower information is handled and how lending practices are carried out.

Apps Named By The Bank of Ghana

BoG listed the following apps as allegedly operating without the required licences or authorisation:

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.