Bank of Ghana Identifies 20 Unlicensed Mobile Loan Apps Operating Illegally

• The Bank of Ghana identified 20 mobile loan applications operating without the required licence to provide digital credit services
• The central bank warned that the apps are in breach of customer data privacy, consumer protection requirements and regulatory standards
• Banks, payment service providers and the general public have been cautioned against engaging with the flagged unlicensed lenders

The Bank of Ghana (BoG) has named 20 mobile loan applications that are operating without the necessary authorisation to offer digital credit services in the country.

The central bank disclosed this in a public notice, warning that the flagged applications are in breach of its Directive for Digital Credit Service Providers in Ghana, which was issued in September 2025.

According to the BoG, the operations of the identified entities represent serious violations spanning customer data privacy, consumer protection standards and broader regulatory requirements. The central bank did not publish the full list of flagged applications within its initial public notice, but indicated that enforcement action is being pursued.

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"The general public is therefore strongly advised not to engage with unlicensed loan providers. Banks and Specialised Deposit-Taking Institutions (SDIs), Payment Service Providers (PSPs) are also cautioned against facilitating or processing transactions on behalf of unlicensed loan providers," the Bank of Ghana stated.

The directive applies broadly, with commercial banks and payment service providers specifically cautioned not to serve as intermediaries for these entities.

The affected apps are:

1. Agile Loan
2. AmanaPay
3. CashWay
4. Foutou Credit
5. HastyCredit
6. InsCash
7. KudiNow
8. LendAura
9. Lever Credit
10. LoanGlide
11. NovaCedi
12. Palm Loan
13. PocketLoan
14. Rite Credit
15. SikaCare
16. SikaNow
17. Susu Loan
18. Taploan Up
19. Temivo Cedi
20. Zatuloan

What the Central Bank Plans to Do

The BoG said it will continue to work with relevant state institutions to identify, investigate and take enforcement action against unlicensed digital credit providers. The central bank framed the crackdown as part of a wider effort to protect consumers and preserve the integrity, safety and stability of Ghana's financial sector.

Members of the public who come across unlicensed loan providers have been encouraged to report them directly to the Bank of Ghana.

The move reflects growing regulatory concern over the proliferation of digital lending platforms in Ghana, many of which have attracted complaints over aggressive debt recovery tactics and misuse of borrowers' personal data.

Source: YEN.com.gh