Cascredit, Cash Future, Cash Cedi, Cashpal, Cashpal Pro, CreditGo, Funds Credit, Glow Credit, Moni Wave and MoniLend are among 20 mobile loan applications the Bank of Ghana (BoG) says are operating without the required licence or authorisation to provide digital credit services in Ghana.
The other applications named by the central bank are Nova Cedi, Onua Loan, Quick Cedi, Sika Boost, Sika Credit, Sompa Loan, Sune Credit, Swift Lend, Target Credit and Zoom Advance.
The BoG has warned the public against engaging with the platforms as it steps up efforts to clean up Ghana’s digital credit market and protect consumers from unlicensed lenders.
The central bank said the 20 applications are operating in contravention of the Directive for Digital Credit Service Providers in Ghana, issued in September 2025.
According to the BoG, the activities of the identified providers raise significant concerns over customer data privacy, consumer protection and compliance with regulatory standards.
“Their operations constitute significant violations of customer data privacy, consumer protection, and established regulatory standards,” the Bank of Ghana said in its notice.
The warning places renewed attention on Ghana’s growing digital lending market, where consumers can access loans through their phones without having to visit a bank or other traditional financial institution.
The convenience of mobile lending has made it easier for individuals to obtain credit, particularly when faced with immediate financial needs. At the same time, the growth of the sector has increased the need for consumers to distinguish between authorised digital lenders and operators providing credit outside the regulatory framework.
For borrowers, the distinction is important. The availability of a loan application on a mobile phone does not by itself mean that the company behind it is authorised by the Bank of Ghana to provide digital credit.
The central bank is therefore urging the public not to engage with unlicensed digital credit providers.
It has also extended the caution to financial institutions. Banks, Specialised Deposit-Taking Institutions (SDIs) and Payment Service Providers (PSPs) have been cautioned against facilitating or processing transactions on behalf of unlicensed loan providers.
The BoG said it will continue working with relevant state institutions to identify and investigate unlicensed operators and take appropriate enforcement action against them.
The latest notice is part of the Bank’s continued efforts to identify and take action against digital credit providers operating without the necessary authorisation.
The BoG has encouraged members of the public who become aware of unlicensed digital lenders to report their activities to the Bank for investigation.
For consumers, the warning also makes it increasingly important to verify the status of a digital lender before accepting a loan. The convenience of accessing money within minutes can be tempting, particularly when there is an urgent financial need, but dealing with an unlicensed provider could expose borrowers to problems beyond the repayment of the loan.
These may include concerns over how personal information is handled, the terms attached to the loan and the protections available to the borrower if a dispute arises.
With 20 more applications now identified by the regulator, consumers are being reminded that quick access to credit should not come at the expense of knowing who they are borrowing from. Checking whether a provider is licensed by the Bank of Ghana can therefore be an important step before taking up a digital loan.
