BoG Warns Public Against 20 Unlicensed Mobile Loan Apps — Full List
Central bank says the apps lack the required authorisation to provide digital credit services in Ghana
- BoG flags 20 loan apps
- Public warned against using them
- Unlicensed lenders face enforcement
The Bank of Ghana (BoG) has cautioned the public against using 20 mobile loan applications operating in the country without the required licence or authorisation to provide digital credit services.
The affected applications 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.
According to the central bank, the operations of these platforms violate regulatory requirements, including customer data privacy and consumer protection standards.
The BoG said it is working with relevant state institutions to identify and investigate the operators behind the applications, with enforcement action to follow.
It has therefore urged members of the public not to engage with the flagged loan platforms and encouraged anyone who encounters unlicensed digital lending activities 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 digital lenders.
The latest warning forms part of efforts by the central bank to sanitise Ghana’s rapidly expanding digital credit sector and protect consumers from potentially exploitative and unauthorised lending platforms.
Under the Directive on Digital Credit Services, issued in September 2025, companies offering digital credit services in Ghana are required to obtain the appropriate licence or authorisation before commencing operations.
The BoG maintains that any digital lender operating without the necessary regulatory approval is in breach of the directive.
