The Bank of Ghana (BoG) has announced that 20 mobile loan applications are operating without the required regulatory licence or authorisation. The notice, issued on 2 November, names the apps as Active Loan, Boafo Cash, Cediln, Fair Moni, Fast Loan, Halo Loan, Jmoney, Kredi, KudiNow, LendJet, MeCedi, NhyiraCash, Palcash, Quick Eazzy, SikaFlow, SikaNea, Swift Lending, TrustCredit GH, Velzo and Zedvance.
The regulator said the providers were in breach of its Digital Credit Service Providers Directive, introduced in September 2025, and raised concerns about customer data privacy, consumer protection and compliance with established regulatory standards.
Working with the Cyber Security Authority, the BoG is sanitising the digital credit market and protecting consumers from providers operating outside the regulatory framework. It has cautioned banks, specialised deposit‑taking institutions and payment service providers against facilitating or processing transactions on behalf of the unlicensed loan providers.
BoG added that it will continue to collaborate with relevant state institutions to identify, investigate and take enforcement action against such providers. The public is urged to avoid engaging with unlicensed operators and to report any information about their activities to the central bank.
This move comes amid tighter scrutiny of digital lending, which, while increasing credit accessibility, can expose borrowers to risks involving personal data handling, lending practices and lack of consumer protection mechanisms.
Consumers should stay alert and verify that any digital credit service is licensed by the BoG before engaging. The central bank will keep monitoring the sector to ensure compliance with Ghana’s financial regulations.
