BoG Names 20 Unlicensed Loan Apps, Warns Public Against Them
The Bank of Ghana (BoG) has published a list of 20 mobile loan applications operating without the requisite licence or authorisation from the central bank.
According to the Bank, the publication is further to its earlier Notice No. BG/GOV/SEC/2026/22 on Unlicensed Digital Credit Service Providers (DCSPs), as it continues to take steps to sanitise the digital credit space and protect the public from entities providing digital credit services without a licence.
The Bank said such activities are conducted in contravention of the Directive for Digital Credit Service Providers in Ghana (September 2025).
The loan apps listed as unlicensed 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.
The Bank of Ghana reiterated that the operations of these entities constitute significant violations of customer data privacy, consumer protection, and established regulatory standards.
It said it 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, safety and stability of the financial sector.
The general public is therefore strongly advised not to engage with unlicensed loan providers, while Banks, Specialised Deposit-Taking Institutions (SDIs) and Payment Service Providers (PSPs) are cautioned against facilitating or processing transactions on behalf of unlicensed loan providers.
Members of the public who become aware of the activities of unlicensed loan providers are encouraged to report them to the Head of the Fintech and Innovation Department, Bank of Ghana, The Bank Square, Ridge, Accra, on telephone +233 30 273 9650, or via email fintech@bog.gov.gh / digitalcredit@bog.gov.gh.
Click to read more: https://opemsuo.com/author/hajara-fuseini/
