BoG flags 20 mobile loan apps operating without authorisation

The Bank of Ghana (BoG) says it will take enforcement action against entities providing digital credit services without the required regulatory approval, as it moves to protect consumers and strengthen oversight of the sector.

The warning comes after the central bank identified 20 mobile loan applications it says are operating without the requisite licence or authorisation.

In a notice issued on September 8, 2026, the BoG said the affected operators include 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.

The Bank said the operators are providing digital credit services in contravention of the Directive for Digital Credit Service Providers in Ghana issued in September 2025.

It said the activities of the identified entities pose concerns for consumers, particularly regarding the handling of personal information and compliance with regulatory requirements.

“The operations of these entities constitute significant violations of customer data privacy, consumer protection, and established regulatory standards.”

The BoG has consequently advised members of the public not to engage the listed operators.

It has also directed a caution to banks, Specialised Deposit-Taking Institutions and Payment Service Providers, urging them not to facilitate or process transactions on behalf of unlicensed digital credit providers.

According to the central bank, enforcement will form part of its response to operators that continue to provide digital loans without approval.

“The Bank of Ghana 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 latest development follows the BoG’s earlier move to compel unlicensed digital credit providers to regularise their operations. The June 30, 2026 deadline has since elapsed, with the Bank warning that non-compliant entities could face regulatory action.

The BoG has also published guidance on how consumers can verify licensed digital credit providers and report entities operating without a licence. Complaints and reports can be submitted through the Bank’s digital credit channel.