Bank of Ghana cautions public against 20 unlicensed loan apps, warns of data privacy risks

The Bank of Ghana (BoG) has issued a strong public warning against engaging with unlicensed digital loan providers, naming 20 mobile loan applications operating without the requisite licence or authorisation from the central bank.

The notice, issued on October 6, 2026, and signed by the Secretary of the Bank, Ms. Aimee Vyda Quashie, follows an earlier warning issued in September as part of the central bank’s ongoing efforts to sanitise Ghana’s digital credit space and protect consumers from entities operating outside the regulatory framework. The central bank stated that the operations of these entities constitute significant violations of customer data privacy, consumer protection, and established regulatory standards.

The 20 Unlicensed Loan Apps

The Bank of Ghana named the following mobile loan applications as operating without the requisite licence or authorisation: Agile Loan, AmanaPay, CashWay, Foutou Credit, HastyCredit, InsCash, KudiNow, LendAura, Lever Credit, LoanGlide, NovaCedi, Palm Loan, PocketLoan, Rite Credit, SikaCare, SikaNow, Susu Loan, Taploan Up, Temivo Cedi and Zatuloan. An earlier list published in September 2026 identified a different set of 20 unlicensed apps, including 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.

Regulatory Breach: The September 2025 Directive

The Bank said such activities are conducted in contravention of the Directive for Digital Credit Service Providers in Ghana, issued in September 2025. The directive, published on September 23, 2025, established strict licensing requirements for digital lenders, including a minimum paid-up capital of GH¢2 million, a transaction limit of GH¢10,000, and a licensing fee of GH¢20,000, renewable every two years. Applicants are also required to demonstrate adequate capital in their corporate accounts, supported by a detailed funding plan, and must provide a five-year business plan. The directive was issued pursuant to the Non-Bank Financial Institutions Act, 2008 (Act 774), and its objectives include promoting access to digital credit, ensuring consumer protection, promoting cost-effective and responsible digital credit services, improving data privacy and security standards, and setting minimum requirements for licensing and operation.

The Bank had earlier given existing mobile loan applications and Digital Credit Service Providers operating without a licence until June 30, 2026, to regularise their operations or face regulatory action.

Risk to Consumers: Data Privacy and Limited Redress

The central bank stressed that consumers who patronise such unlicensed platforms risk exposing their personal and financial information to misuse while also having limited avenues for redress in the event of disputes. In many cases, the apps employ aggressive debt recovery tactics, including unauthorized access to borrowers’ contact lists and personal data. The BoG noted that despite an earlier public notice cautioning against unlicensed digital credit service providers, some entities had continued to operate illegally, exposing unsuspecting customers to significant risks.

Warning to Financial Institutions

The Bank has also cautioned banks, Specialised Deposit-Taking Institutions (SDIs), and Payment Service Providers (PSPs) against facilitating or processing transactions on behalf of unlicensed loan providers, warning that such engagements could undermine regulatory compliance and the integrity of the financial sector.

Enforcement and Reporting

The Bank stated it 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 central bank also announced plans to publish a weekly list of unlicensed digital lenders as part of its intensified crackdown, with a corresponding list of licensed providers maintained on its website.

Members of the public who become aware of the activities of unlicensed loan providers are encouraged to report them to the Bank of Ghana through the Head of the Fintech and Innovation Department at the Bank Square, 42 Castle Road, Ridge, Accra. Reports may also be made by telephone on +233 30 273 9650 or by email to [email protected] or [email protected].

Background: A Growing Digital Lending Market

Ghana’s digital lending sector has expanded rapidly in recent years, with dozens of mobile applications offering quick loans to consumers. The BoG’s intervention follows concerns that many of these operators have been exploiting borrowers through high-interest rates, aggressive recovery tactics, and unauthorized access to personal data. The September 2025 directive was introduced as a comprehensive regulatory framework to bring order to the sector, and the Bank has since been actively enforcing compliance. The latest warning serves as a reminder that entities operating outside this framework will face regulatory consequences.

The general public is therefore strongly advised not to engage with unlicensed loan providers and to verify the regulatory status of any digital lender before using its services.