The Bank of Ghana (BoG) has directed all unlicensed mobile loan applications and digital credit providers operating in the country to regularise their activities by June 30, 2026, or face regulatory sanctions, including suspension and shutdown.

In a statement, the central bank announced that effective November 3, 2025, it will begin accepting applications from entities seeking to operate as Digital Credit Services Providers (DCSPs) under newly introduced licensing guidelines. The move aims to enhance transparency, consumer protection, and financial stability within Ghana’s fast-growing digital lending sector.

The directive comes amid rising public concern over the proliferation of unregulated online lenders, many of which have been accused of imposing exorbitant interest rates, violating data privacy laws, and using unethical debt collection methods.

The BoG cautioned that any entities that fail to comply within the stipulated timeframe will face “appropriate regulatory action,” as part of broader measures to strengthen oversight and protect consumers in Ghana’s fintech ecosystem.

It also urged all existing operators to submit their applications and required documentation to the BoG’s FinTech and Innovation Office before the June 2026 deadline.

The central bank’s new framework marks a major step toward formalising Ghana’s digital credit industry, ensuring that all players operate within a regulated environment that prioritises consumer rights and responsible lending practices.