Bank of Ghana names 20 unlicensed loan apps operating illegally

The Bank of Ghana has issued a public alert naming 20 mobile loan applications that are operating without the requisite licence or authorisation from the central bank, warning the public against engaging with these platforms.

In a notice dated August 3, 2026, signed by the Secretary of the Bank, Aimee Vyda Quashie, the central bank stated that the continued operation of these entities constitutes a significant violation of customer data privacy, consumer protection, and established regulatory standards.

The action follows the expiration of a June 30, 2026, deadline set for all Digital Credit Services Providers to regularise their operations . The Bank had previously issued a directive in September 2025, bringing the digital credit sector under formal regulatory oversight and mandating that all operators obtain a licence as Digital Credit Services Providers .

The Unlicensed Apps

The following 20 mobile loan applications were listed by the Bank as operating without authorisation:

Adamfo Loan, Agyapacredit, Amanfi loan, Arco Cash, Aya lend, Bucks Now, CediGo, CGrab, DumboCash, FCash, Gh Loans, Gh Loans pro, Hasty Credit, Newgry Money Tree, Omanpesa, PoPoCedi, Ready Money, Sika Tap, Sikapa Loan, and Zigwe Loan.

Several of these apps have previously been flagged by the Cyber Security Authority (CSA) for engaging in cyberbullying, extortion, and the misuse of personal data . Between January and May 2025 alone, the CSA recorded 377 reports of cyberbullying linked to unlicensed digital lending applications, a sharp rise from the 228 cases recorded in the entirety of 2024 .

Consumer Protection Concerns

The Bank of Ghana has expressed growing concern over the activities of unregulated digital lenders, including predatory lending practices, excessive interest rates, data privacy violations, and aggressive debt recovery methods .

According to the CSA, some of these apps automatically credit small amounts, often less than GH¢200, into users’ mobile money wallets without a formal loan request. Operators subsequently harass users with aggressive demands for repayment, threatening to circulate actual or fabricated nude photos and label victims as criminals if they fail to pay .

The Bank also reiterated that the operations of these entities violate provisions of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) and the Data Protection Act, 2012 (Act 843) .

Licensing Requirements

Under the Bank’s directive, all Digital Credit Services Providers must meet a minimum capital requirement of GH¢2 million and ensure at least 30 per cent Ghanaian equity participation . Prospective providers are required to pay a GH¢10,000 processing fee, GH¢20,000 licensing fee, and GH¢10,000 renewal fee every two years .

Enforcement and Public Warning

The Bank of Ghana has warned that it will continue to collaborate with relevant state institutions to identify, investigate, and take appropriate enforcement action against unlicensed entities in order to safeguard consumers and uphold the integrity and stability of the financial sector.

Banks, Specialised Deposit-Taking Institutions, and Payment Service Providers have also been cautioned against facilitating or processing transactions on behalf of unlicensed loan providers.

The general public is strongly advised to exercise caution when dealing with digital credit providers and to ensure they engage only with entities duly licensed by the Bank of Ghana . The Bank has indicated that it will, in due course, publish and maintain an updated list of licensed Digital Credit Services Providers on its website .

Reporting Unlicensed Operators

Members of the public who become aware of the activities of unlicensed loan providers are encouraged to report them to the Bank of Ghana at:

The Head, Fintech and Innovation Department, Bank of Ghana, The Bank Square, 42 Castle Road, Ridge, Accra. Tel: +233 30 273 9650. Email: [email protected] / [email protected]. Website: www.bog.gov.gh.