BoG flags 20 unlicensed loan apps, warns public against use
The Bank of Ghana (BoG) has identified 20 mobile loan applications that are operating without the required licence or regulatory approval to provide digital credit services in the country.
The applications named by the central bank are 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.
According to the BoG, the activities of these platforms breach regulations covering customer data privacy, consumer protection and other applicable financial sector requirements.
The central bank said it is working with relevant state agencies to trace and investigate the operators of the identified applications and take appropriate enforcement action.
The BoG has consequently advised the public to avoid using the listed loan applications and encouraged anyone who encounters unlicensed digital lending services to report them to the central bank.
It also cautioned banks, Specialised Deposit-Taking Institutions (SDIs) and Payment Service Providers (PSPs) against facilitating transactions or processing payments for unlicensed digital lenders.
The latest crackdown is part of the Bank of Ghana’s broader efforts to regulate Ghana’s rapidly growing digital credit industry and protect consumers from unauthorised lenders.
Under the BoG’s Directive on Digital Credit Service Providers, introduced in September 2025, all entities offering digital credit services in Ghana are required to secure the appropriate licence or authorisation before commencing operations.
The central bank stressed that providing digital credit services without the necessary approval constitutes a violation of the directive and will attract regulatory action.
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