BoG Names 20 Unlicensed Loan Apps and Warns Ghanaians

The Bank of Ghana (BoG) has warned the public against using 20 mobile loan applications that it says are operating without the required licence or authorisation to provide digital credit services in Ghana.

The warning forms part of the central bank’s latest efforts to sanitise the digital credit sector and protect consumers from unlicensed operators.

In Notice No. BG/GOV/SEC/29, published on September 9, 2026, the Bank of Ghana said the identified applications were operating without the requisite authorisation under Ghana’s regulatory framework for digital credit providers.

The 20 loan apps named by BoG

According to the notice, the applications are:

1. Cascredit
2. Cash Future
3. Cash Cedi
4. Cashpal
5. Cashpal Pro
6. CreditGo
7. Funds Credit
8. Glow Credit
9. Moni Wave
10. MoniLend
11. Nova Cedi
12. Onua Loan
13. Quick Cedi
14. Sika Boost
15. Sika Credit
16. Sompa Loan
17. Sune Credit
18. Swift Lend
19. Target Credit
20. Zoom Advance.

BoG raises consumer protection concerns

The central bank said the operations of the identified entities constitute significant violations relating to customer data privacy, consumer protection and established regulatory standards.

The Bank said it would continue working with relevant state institutions to identify, investigate and take appropriate enforcement action against entities providing digital credit services without the required authorisation.

The warning comes as digital lending continues to provide an increasingly accessible way for individuals to obtain short-term credit through mobile phones.

However, the ease of accessing digital loans has also increased concerns about consumer protection, the handling of personal information and the activities of operators outside the formal regulatory framework.

Public urged to avoid unlicensed lenders

The Bank of Ghana has strongly 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 unlicensed loan providers.

Members of the public who become aware of the activities of unlicensed loan providers can report them to the Bank of Ghana’s Fintech and Innovation Department.

The Bank provided the following contact details for complaints and reports: +233 30 273 9650, fintech@bog.gov.gh and digitalcredit@bog.gov.gh.

The latest notice reinforces the need for consumers to check whether a digital lender has the necessary authorisation before sharing personal information or entering into a loan agreement.

Gonja Pulse Editorial Desk