BoG flags 20 unlicensed mobile loan apps, warns public against using their services

The Bank of Ghana (BoG) has flagged 20 mobile loan applications for operating without the necessary regulatory approval, urging the public to refrain from using their services. The central bank has also warned financial institutions and payment service providers against supporting transactions linked to the unlicensed operators. In a notice dated November 2, the regulator said the applications were operating in violation of its Directive for Digital Credit Service Providers in Ghana, which took effect in September 2025. The affected applications are Active Loan, Boafo Cash, Cediln, Fair Moni, Fast Loan, Halo Loan, Jmoney, Kredi, KudiNow, LendJet, MeCedi, NhyiraCash, Palcash, Quick Eazzy, SikaFlow, SikaNea, Swift Lending, TrustCredit GH, Velzo and Zedvance. According to the Bank of Ghana, the operations of these providers present potential risks relating to the protection of customers’ personal information, consumer rights and adherence to regulatory requirements. The regulator said it was collaborating with the Cyber Security Authority to address illegal activities in the digital lending industry and safeguard borrowers. BoG warns banks, payment providers The central bank has further directed banks, Specialised Deposit-Taking Institutions (SDIs) and Payment Service Providers (PSPs) not to facilitate or process financial transactions for the identified unlicensed loan operators. The warning is intended to prevent regulated financial institutions and payment platforms from providing services that could enable unauthorised digital lending businesses to operate. The Bank of Ghana said it would continue engaging relevant state agencies to identify unlicensed operators, investigate their activities and apply appropriate regulatory enforcement measures. It has urged consumers to stay away from loan applications that lack the necessary authorisation and provide information about suspected illegal operators to the central bank. Digital lending sector under increased scrutiny The latest announcement highlights growing regulatory concerns surrounding the expansion of mobile-based lending services, which have made it possible for consumers to access credit through smartphone applications. Although digital lending platforms offer convenient access to loans, operators outside the regulatory system could expose customers to risks involving personal data, lending conditions and inadequate consumer protection. The Bank of Ghana introduced its Directive for Digital Credit Service Providers in September 2025 to establish rules and regulatory requirements for companies offering digital credit services in the country. The latest action forms part of the central bank’s broader efforts to strengthen supervision of the digital lending market, protect consumers and ensure that providers operate within Ghana’s financial regulatory framework.