Bank of Ghana names 20 unlicensed mobile loan apps and warns public
The central bank says the digital lenders are operating without the required approval and may breach data privacy and consumer protection rules. Banks and payment providers have also been warned not to process transactions for them.
The Bank of Ghana has named 20 mobile loan applications it says are operating without the licence or authorisation required to provide digital credit services in the country.
The central bank has warned the public not to borrow from or otherwise engage with the identified platforms, citing concerns about customer data privacy, consumer protection and compliance with financial-sector regulations.
The applications are Cascredit, Cash Future, Cash Cedi, Cashpal, Cashpal Pro, CreditGo, Funds Credit, Glow Credit, Moni Wave and MoniLend.
The list also includes Nova Cedi, Onua Loan, Quick Cedi, Sika Boost, Sika Credit, Sompa Loan, Sune Credit, Swift Lend, Target Credit and Zoom Advance.
In a statement, the Bank of Ghana said it was working with relevant state institutions to identify and investigate the operators behind the applications.
It said appropriate enforcement measures would be taken to protect consumers and preserve the integrity and stability of Ghana’s financial sector.
“The general public is therefore strongly advised not to engage with unlicensed loan providers,” the central bank said.
It also cautioned banks, Specialised Deposit-Taking Institutions and Payment Service Providers against facilitating or processing transactions for unauthorised digital lenders.
The warning could restrict the ability of the affected applications to receive or disburse funds through Ghana’s regulated financial system if banks and payment companies comply with the directive.
The Bank of Ghana has encouraged people who become aware of unlicensed digital credit operations to report them to the regulator.
Digital loan applications allow customers to apply for and receive short-term credit through mobile phones, often without visiting a physical branch.
However, the central bank says providers must obtain regulatory approval
before offering such services in Ghana.
Its directive on Digital Credit Service Providers, issued in September 2025, requires companies operating in the market to secure the necessary licence or authorisation.
According to the Bank of Ghana, providing digital credit without that approval is a breach of the directive.
The regulator did not disclose how many customers had used the named applications, the amount of money involved or whether any of the operators had already been sanctioned.
It also did not specify when enforcement action would begin or what penalties the operators could face.
The latest warning forms part of the central bank’s efforts to regulate Ghana’s expanding digital credit market and address risks associated with unauthorised lenders.
Consumers have been advised to verify the regulatory status of digital lenders before submitting personal information or accepting loans through mobile applications.