BoG cautions public against 20 unlicensed digital loan providers

The Bank of Ghana (BoG) has cautioned the public against dealing with 20 mobile loan applications operating without the requisite licence or authorisation to provide digital credit services in Ghana.

The warning is contained in a notice issued by the central bank on September 8, 2026, as part of efforts to sanitise the digital credit space and protect consumers from unlicensed operators. (Bank of Ghana)

The BoG said the identified operators are providing digital credit services in contravention of the Directive for Digital Credit Service Providers in Ghana, issued in September 2025.

The 20 loan 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 such entities constitute significant violations of customer data privacy, consumer protection requirements and established regulatory standards.

The BoG has therefore advised members of the public not to engage with unlicensed loan providers.

It has also cautioned banks, Specialised Deposit-Taking Institutions and Payment Service Providers against facilitating or processing transactions on behalf of the unlicensed operators.

The central bank said it would continue to collaborate with relevant state institutions to identify and investigate unlicensed digital credit providers and take appropriate enforcement action against them.

The BoG further urged anyone who becomes aware of the activities of unlicensed loan providers to report them to its Fintech and Innovation Department.

The latest notice forms part of the central bank’s continuing regulatory efforts to protect consumers and uphold the integrity, safety and stability of Ghana’s financial sector.