The Bank of Ghana (BoG) has named 20 mobile loan applications it says are operating without the required licence or authorisation, as the central bank steps up efforts to regulate Ghana’s growing digital lending sector.
The affected 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.
In Notice No. BG/GOV/SEC/29, addressed to licensed financial institutions and the general public, the BoG said the operations of the 20 providers contravene the Directive for Digital Credit Service Providers in Ghana issued in September 2025.
The central bank said the latest action forms part of its ongoing efforts to “sanitise the digital credit space and protect the public from entities providing digital credit services without the requisite licence or authorisation.”
According to the BoG, the activities of the identified lenders also raise concerns over customer data privacy, consumer protection and compliance with established regulatory standards.
The latest notice follows an earlier warning issued by the central bank, signalling a shift from general caution to publicly identifying digital lenders it considers to be operating outside the regulatory framework.
The BoG has also cautioned banks, Specialised Deposit-Taking Institutions and Payment Service Providers against facilitating or processing transactions for unlicensed digital credit providers.
The move could make it more difficult for unlicensed lenders to operate, given their reliance on regulated financial institutions and payment platforms for loan disbursements, repayments and other transactions.
The central bank has urged members of the public not to engage with the listed providers, warning that customers who use unlicensed lenders may have limited avenues for regulatory protection in disputes involving loan deductions, data privacy, collection practices or lending terms.
The BoG said it will continue to work with relevant state institutions to identify, investigate and take appropriate enforcement action against unlicensed digital credit providers.
“The Bank of Ghana will continue to collaborate with relevant state institutions to identify, investigate, and take appropriate enforcement action against such entities,” it said, adding that the measures are intended to protect consumers and uphold the “integrity, safety, and stability of the financial sector.”
The central bank has also called on the public to report suspected unlicensed digital lenders to its Fintech and Innovation Department through the contact details provided in the notice.
The crackdown comes as digital lending continues to grow in Ghana, with mobile loan platforms offering borrowers quick access to credit without some of the paperwork associated with traditional lending.
However, the convenience of digital loans has also raised concerns about the handling of personal data, transparency of loan terms and debt collection practices.
By enforcing the September 2025 digital credit directive, the BoG is making clear that mobile-based lending is subject to regulatory requirements and cannot operate outside the established financial sector framework.
The effectiveness of the latest crackdown will depend on whether the identified operators cease their activities or obtain the necessary authorisation, while regulated financial institutions also comply with the directive against facilitating unlicensed lenders.
