Bank of Ghana Releases New List of 20 Unlicensed Mobile Loan Apps, Warns Public to Avoid Them

• The Bank of Ghana identified 20 mobile loan applications operating without the required regulatory licence or authorisation
• The central bank raised concerns about customer data privacy and consumer protection risks linked to the unlicensed apps
• Banks, Specialised Deposit-Taking Institutions and Payment Service Providers received warnings against processing transactions for the apps

The Bank of Ghana (BoG) has publicly identified 20 mobile loan applications operating without a valid licence, warning consumers to steer clear and directing regulated financial institutions to cut off any support for their transactions.

The central bank issued the notice on 2 November, citing violations of its Directive for Digital Credit Service Providers in Ghana, a regulatory framework introduced in September 2025 to govern the growing digital lending market.

Citi News reported that the applications named by the Bank of Ghana are:

1. Active Loan
2. Boafo Cash
3. Cediln
4. Fair Moni
5. Fast Loan
6. Halo Loan
7. Jmoney
8. Kredi
9. KudiNow
10. LendJet
11. MeCedi
12. NhyiraCash
13. Palcash
14. Quick Eazzy
15. SikaFlow
16. SikaNea
17. Swift Lending
18. TrustCredit GH
19. Velzo
20. Zedvance

Read also

How to challenge Traffitech-GH fines after being caught

According to the regulator, the conduct of these providers raises serious concerns around customer data privacy, consumer protection and adherence to established regulatory standards.

The BoG said it was actively working alongside the Cyber Security Authority to clean up the digital credit market and shield consumers from lenders functioning outside the approved regulatory framework.

BoG Cautions Banks and Payment Providers

Beyond its warning to the public, the Bank of Ghana directed banks, Specialised Deposit-Taking Institutions (SDIs) and Payment Service Providers (PSPs) to refrain from facilitating or processing any transactions on behalf of the unlicensed operators.

The instruction places a clear compliance burden on legitimate financial institutions to ensure their platforms are not being used, directly or indirectly, to enable unauthorised digital lending.

The regulator confirmed it would continue engaging relevant state institutions to identify and investigate providers operating outside the legal framework and pursue appropriate enforcement action where necessary.

Members of the public have been advised to avoid any dealings with unlicensed loan operators and to report information about their activities directly to the central bank.

Read also

Relief for University of Ghana students as Rent Control orders hostels to suspend rent hikes

Cedi maintains position among best African currencies

Earlier, YEN.com.gh reported that Ghana's cedi has established itself as one of Africa's top-performing currencies in 2026, buoyed by a rise in foreign currency inflows and renewed confidence in the country's financial markets, according to data from the Forbes currency calculator.

The cedi's gains place Ghana among a select group of African nations whose currencies have held firm or appreciated against the US dollar this year, reflecting broader improvements in macroeconomic conditions across parts of the continent.

The cedi maintained its position from the ranking at the end of May 2026, though the cedi has lost some ground on the US dollar.

Source: YEN.com.gh