The Bank of Ghana (BoG) has cautioned the public against using 20 mobile loan applications operating without its required licence or authorisation, warning that their activities violate the rules governing digital credit services in the country.
In a notice issued on November 2, the central bank named the applications and urged consumers to avoid engaging with them. It also warned banks, specialised deposit-taking institutions and payment service providers against facilitating or processing transactions on behalf of the unlicensed operators.
The 20 applications 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 and Zedvance.
According to the Bank, the operators are acting in violation of the Directive for Digital Credit Service Providers in Ghana, issued in September 2025.
The regulator described their activities as significant violations of customer data privacy, consumer protection and established regulatory standards.
It said it was working with the Cyber Security Authority and other relevant state institutions to sanitise the digital credit space, identify the operators, investigate their activities and take appropriate enforcement action.
The latest warning comes amid the growing popularity of mobile lending services, which allow customers to apply for and receive loans through their phones. However, the convenience of these platforms has also raised concerns about how lenders collect and handle personal information and the protections available to borrowers.
The Bank’s concerns over data privacy and consumer protection highlight the importance of ensuring that digital lenders operate within the regulatory framework and are accountable for how they deal with customers.
The regulator has therefore urged the public to be cautious and avoid dealing with the 20 named applications.
Its warning also extends to financial institutions and payment service providers, which have been asked not to support the operations of unlicensed digital lenders by processing their transactions.
The Bank encouraged consumers and members of the public with information about unlicensed loan providers to report them to its Fintech and Innovation Department.
While the notice names the 20 applications, it does not provide details of specific customer complaints, the number of borrowers affected or the individual lending practices of the operators.
It also does not indicate whether the applications have been removed from app stores or blocked from accessing payment channels.
The Bank’s latest intervention reinforces its position that digital lending businesses must obtain the necessary authorisation before operating in Ghana.
For consumers, the message is to verify the regulatory status of a loan provider before sharing personal information or applying for credit.
The Bank says it will continue working with relevant institutions to identify and take action against operators providing digital credit services without the required approval.
