BoG Names 20 Unlicensed Loan Apps, Warns Ghanaians
Central bank urges public to avoid the flagged digital lenders.
- 20 loan apps flagged by BoG.
- Public warned against using them.
- Operators face possible enforcement action.
The Bank of Ghana (BoG) has flagged 20 mobile loan applications for operating without the required licence or authorisation to provide digital credit services in Ghana.
The affected apps are Cascredit, Cash Future, Cash Cedi, Cashpal, Cashpal Pro, CreditGo, Funds Credit, Glow Credit, Moni Wave, MoniLend, Nova Cedi, Onua Loan, Quick Cedi, Sika Boost, Sika Credit, Sompa Loan, Sune Credit, Swift Lend, Target Credit and Zoom Advance.
In a statement, the central bank said the operations of the identified platforms violate customer data privacy and consumer protection requirements, as well as other regulatory standards.
The BoG said it is working with relevant state institutions to identify and investigate the operators and take appropriate enforcement action.
It has consequently advised the public not to use the identified applications and encouraged anyone who encounters unlicensed digital credit providers to report them to the central bank.
The BoG also cautioned banks, Specialised Deposit-Taking Institutions (SDIs) and Payment Service Providers (PSPs) against facilitating or processing transactions on behalf of unlicensed loan providers.
The central bank said the action forms part of its broader efforts to sanitise Ghana’s digital credit market, protect consumers and maintain the integrity and stability of the financial sector.
Under the BoG’s Directive for Digital Credit Services issued in September 2025, businesses providing digital credit services in Ghana are required to obtain the appropriate licence or authorisation.
The central bank stressed that operating without the required regulatory approval constitutes a breach of the directive.
