The Bank of Ghana (BoG) has identified 20 mobile loan applications operating without the requisite licence or authorisation from the central bank, warning the public against engaging their services.
In a notice issued on Monday, November 2, 2026, the Bank named the applications as Active Loan, Boafo Cash, Cediln, Fair Moni, Fast Loan, Halo Loan, Jmoney, Kredi, KudiNow, LendJet, MeCedi, NhyiraCash, Palcash, Quick Eazzy, SikaFlow, SikaNea, and Swift Lending.
Others include, TrustCredit GH, Velzo and Zedvance. According to the Bank, the operations of the identified applications contravene the Directive for Digital Credit Service Providers in Ghana, issued in September 2025.
The Bank said it was collaborating with the Cyber Security Authority (CSA) to sanitise the digital credit space and protect the public from entities providing digital credit services without the necessary regulatory approval. It further warned that the activities of the identified providers constituted significant violations of customer data privacy, consumer protection and established regulatory standards.
The central bank indicated that it would continue to work with relevant state institutions to identify, investigate and take appropriate enforcement action against the operators to safeguard consumers and uphold the integrity and stability of the financial sector. The Bank also cautioned banks, Specialised Deposit-Taking Institutions (SDIs) and Payment Service Providers (PSPs) against facilitating or processing transactions on behalf of unlicensed loan providers.
Members of the public have been strongly advised not to engage with the identified operators or other unlicensed digital credit providers.
The Bank encouraged persons who become aware of the activities of unlicensed loan providers to report them to the Head of the Fintech and Innovation Department at the Bank of Ghana, The Bank Square, 42 Castle Road, Ridge, Accra.
The latest notice forms part of the Bank’s ongoing efforts to regulate digital credit services and ensure that providers operate within the applicable regulatory framework.
The requirement to obtain the requisite authorisation is also significant for the digital credit providers themselves. Beyond the regulatory sanctions that may be imposed on operators found to be acting without a licence, decisions of the Ghanaian courts show that a lender’s failure to obtain the necessary authorisation may affect its ability to recover loans, particularly its entitlement to interest and other charges.
While some lenders operating without the requisite authorisation have succeeded in recovering their principal and associated charges, others have not, with the outcome depending on the applicable law and the court’s determination of the particular case.
