Bank of Ghana flags 20 loan apps operating without licence

The Bank of Ghana (BoG) has flagged 20 mobile loan applications operating without the required licence or authorisation to provide digital credit services.

BoG listed the apps in a notice issued on Tuesday as part of its efforts to tackle unlicensed digital lending and protect consumers.

The apps 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.

BoG said the operators were acting in contravention of its directive for digital credit service providers in Ghana, issued in September 2025.

“Further to Bank of Ghana’s NOTICE NO.BG/GOV/SEC/2026/22 on Unlicensed Digital Credit Service Providers (DCSPs), the Bank continues to take steps to sanitise the digital credit services without the requisite licence or authorisation,” the  apex bank said.

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

BoG said it would continue working with relevant state institutions to identify and investigate unlicensed digital credit providers and take appropriate enforcement action.

The regulator warned members of the public against engaging with the listed operators.

BoG also cautioned banks, specialised deposit-taking institutions (SDIs) and payment service providers (PSPs) against facilitating or processing transactions on behalf of unlicensed loan providers.

The central bank urged members of the public who become aware of unlicensed digital lenders to report them to its fintech and innovation department.

BoG said the latest action was part of measures to safeguard consumers and uphold the integrity, safety and stability of Ghana’s financial sector.(TheCable)