BoG warns public over 20 unlicensed digital loan apps in Ghana

The Bank of Ghana (BoG) has warned the public against using 20 unlicensed digital credit service providers operating in the country, as it steps up efforts to curb illegal lending through mobile applications and other online platforms.

The central bank has also directed regulated financial institutions not to support or facilitate the activities of the unlicensed providers.

In a public notice issued on Monday 3, 2026, the BoG said the companies continued to offer digital loans to Ghanaians without the licences or authorisation required to operate in the country.

The lenders are alleged to be conducting their activities in breach of the Directive for Digital Credit Service Providers in Ghana, which came into effect in September 2025.

The directive provides the regulatory framework for digital credit services in Ghana. However, the Bank of Ghana said the continued operation of lenders outside that framework created significant risks for consumers and the wider financial system.

Among the concerns highlighted by the central bank are data privacy, consumer protection and compliance with regulatory requirements.

The Bank identified the unlicensed loan applications as:

“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”, the statement added.

The warning applies not only to members of the public seeking loans, but also to regulated institutions that may provide services allowing unlicensed lenders to operate or process payments.

The BoG said contact with such providers could expose consumers to risks linked to the handling of personal information and the absence of authorised consumer-protection safeguards. It said compliance with the digital credit directive was necessary to ensure that lenders operating through digital channels were properly regulated.

The central bank said it would continue working with relevant state institutions to identify and investigate illegal digital lenders. It added that enforcement action would be taken against providers found to be operating without the necessary approval.

The stated aim of the action is to protect consumers and preserve confidence in Ghana’s financial system as digital lending continues to operate through mobile applications and other digital platforms.

The Bank of Ghana is also asking members of the public to report the activities of unlicensed loan providers directly to the central bank. It said information from the public would support efforts to identify lenders operating outside the regulatory framework.

The BoG’s latest notice forms part of a wider crackdown on illegal digital lending in Ghana. It is encouraging consumers to deal only with authorised providers and urging banks, SDIs and PSPs not to facilitate transactions connected to unlicensed operators.

The central bank said these measures were intended to help create a safer and more transparent digital finance ecosystem in the country.