Bank of Ghana Gives Unlicensed Digital Lenders Until June 2026 to Obtain Licenses or Face Shutdown

The Bank of Ghana (BoG) has issued a firm directive to all unlicensed mobile loan apps and digital credit providers operating in the country, giving them until June 30, 2026, to regularize their operations or face severe regulatory sanctions, including possible suspension or closure.

Starting November 3, 2025, the central bank will begin receiving applications from companies seeking to operate as Digital Credit Service Providers (DCSPs) under new licensing guidelines. These guidelines are aimed at bringing greater order, transparency, and consumer protection to Ghana’s fast-growing digital lending sector.

This move comes amid increasing public concern over the surge of unregulated online lenders accused of charging excessive interest rates, violating data privacy, and using unethical methods to recover loans.

The BoG emphasized that any entity failing to comply within the specified timeframe would face “appropriate regulatory action” as part of ongoing efforts to strengthen oversight and build public confidence in Ghana’s fintech and digital credit space.

The central bank is urging all existing operators to submit the necessary documentation to the FinTech and Innovation Office for review and approval well ahead of the June 2026 deadline.