The Bank of Ghana has warned the public against using 20 mobile loan applications found operating without the mandatory licenses or regulatory authorization required to offer digital credit services in the country.
According to a statement from the central bank, the unlicensed entities are violating customer data privacy, consumer protection standards, and established regulatory frameworks. The regulator confirmed it is working alongside relevant state institutions to track down, investigate, and take enforcement action against the operators behind the apps.
The targeted platforms include 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 crackdown follows the central bank’s September 2025 directive on Digital Credit Service Providers, which made it illegal to deliver digital credit in Ghana without explicit authorization. Operating outside this framework directly breaches central bank regulations.
In addition to warning consumers, the Bank of Ghana instructed commercial banks, Specialised Deposit-Taking Institutions (SDIs), and Payment Service Providers (PSPs) to immediately cease processing or facilitating financial transactions for any unlicensed lenders.
“The Bank of Ghana 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 central bank said in its statement.
“The general public is therefore strongly advised not to engage with unlicensed loan providers. Banks, Specialised Deposit-Taking Institutions (SDIs), and Payment Service Providers (PSPs) are also 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 Bank of Ghana,” the statement added.
The central bank noted that the regulatory enforcement is part of a broader effort to sanitize Ghana’s growing digital credit market, protect financial consumers, and maintain overall financial sector stability.