Bank of Ghana cracks down on 20 illegal digital loan service providers
Bank of Ghana cracks down on 20 illegal digital loan service providers
The Bank of Ghana has identified 20 mobile loan applications operating without its authorisation.
In a notice issued to financial institutions dated November 2, the bank warned the public against using the platforms over concerns about consumer protection and data privacy.
“The Bank of Ghana in collaboration with the CyberSecurity Authority, continues to take steps to sanitise the digital credit space and protect the public from entities providing digital credit services without the requisite licence or authorisation,” the statement reads.
The regulator said the companies are operating in violation of its directive for digital credit service providers issued in September 2025.
The listed apps are Active Loan, Boafo Cash, CediIn, Fair Moni, Fast Loan, Halo Loan, Jmoney, Kredi, KudiNow, and LendJet.
Others are MeCedi, NhyiraCash, Palcash, Quick Eazzy, SikaFlow, SikaNea, Swift Lending, TrustCredit GH, Velzo, and Zedvance.
It described the operations of the listed providers as significant violations of customer data privacy, consumer protection, and established regulatory standards.
“The Bank of Ghana will continue to collaborate with relevant state institutions to identify, investigate, and take appropriate enforcement action against such entities in order to safeguard consumers and uphold the integrity and stability of the financial sector,” it said.
The central bank also cautioned banks, specialised deposit-taking institutions, and payment service providers against facilitating or processing transactions on behalf of unlicensed loan providers.
“The general public is therefore strongly advised not to engage with unlicensed loan providers,” the central bank.
The bank also urged members of the public who become aware of the activities of such operators to report them to its fintech and innovation department at its headquarters in Accra.
On September 9, the regulator had flagged 20 mobile loan applications operating without the required licence or authorisation to provide digital credit services.
