The Bank of Ghana (BoG) has cautioned the public against using 20 mobile loan applications operating without the requisite licence or authorisation, warning that they pose risks to consumers.
In a public notice issued on 3 August, the central bank said some digital credit providers were still offering loans online without its approval. The notice followed an earlier advisory on unlicensed providers.
Breach of the directive
According to the BoG, the operators are acting in contravention of the Directive for Digital Credit Service Providers in Ghana, issued in September 2025. Under the directive, all entities offering digital loan services must hold formal authorisation from the regulator.
The Bank warned that borrowers using such platforms risk having their personal and financial information misused, with limited avenues for redress if disputes arise.
List of the Financial institutions involved
Warning to financial institutions
The central bank also cautioned banks, Specialised Deposit-Taking Institutions and Payment Service Providers against facilitating or processing transactions for unlicensed lenders.
The Ghana News Agency later reported further cautions on 9 September and 7 October, showing that the BoG's enforcement drive is continuing.
What the public should do
- Verify first: check that a digital lender is licensed or authorised by the BoG before using its services.
- Avoid unlicensed providers: the Bank has strongly advised the public not to engage with them.
- Report offenders: anyone aware of unlicensed lenders should contact the Bank's Fintech and Innovation Department at its headquarters in Ridge, Accra.
The BoG said it would continue to sanitise the digital credit space and protect the public from entities operating without the required approval.
