Business
Bank of Ghana Warns Against 20 Unlicensed Digital Loan Apps Operating in Ghana
The Bank of Ghana (BoG) has issued a fresh public notice warning Ghanaians against dealing with 20 unlicensed digital loan applications that are operating without the required licence or authorisation from the central bank.
The notice, No. BG/GOV/SEC/2026/25, dated August 3, 2026, follows an earlier directive on unlicensed Digital Credit Service Providers (DCSPs) issued under Notice No. BG/GOV/SEC/2026/22.
According to the Bank of Ghana, it has observed the continued operation of several entities offering digital loans to the Ghanaian public through online platforms despite lacking the required approval to operate. The central bank said these activities contravene the Directive for Digital Credit Service Providers in Ghana (September 2025), published under Notice No. BG/GOV/SEC/2025/30, as well as other relevant laws.
20 Unlicensed Digital Loan Apps Identified by the Bank of Ghana
The Bank of Ghana listed the following mobile loan applications as operating without the required licence or authorisation:
- Adamfo Loan
- Agyapacredit
- Amanfi Loan
- Arco Cash
- Aya Lend
- Bucks Now
- CediGo
- CGrab
- DumboCash
- FCash
- Gh Loans
- Gh Loans Pro
- Hasty Credit
- Newgry Money Tree
- Omanpesa
- PoPoCedi
- Ready Money
- Sika Tap
- Sikapa Loan
- Zigwe Loan
BoG Raises Concerns Over Consumer Protection and Data Privacy
The central bank stressed that the operations of these unlicensed entities constitute significant violations of customer data privacy, consumer protection requirements, and established regulatory standards.
It warned that consumers who use these platforms may be exposed to financial and privacy risks because the providers are operating outside Ghana’s regulatory framework.
Bank of Ghana to Intensify Enforcement
The Bank of Ghana said it will continue working with relevant state institutions to identify, investigate and take appropriate enforcement action against unlicensed digital credit providers.
According to the central bank, the collaborative effort is aimed at safeguarding consumers while preserving the integrity and stability of Ghana’s financial sector.
Public Advised to Avoid Unlicensed Loan Providers
The Bank of Ghana strongly advised the general public not to engage with unlicensed digital loan providers.
It also cautioned banks, Specialised Deposit-Taking Institutions (SDIs), and Payment Service Providers (PSPs) against facilitating or processing transactions on behalf of unlicensed loan operators.
Public Encouraged to Report Illegal Loan Providers
The central bank urged members of the public who become aware of the activities of unlicensed digital loan providers to report them to:
The Head
Fintech and Innovation Department
Bank of Ghana
The Bank Square
42 Castle Road
Ridge, Accra
Telephone: +233 30 273 9650
Email: fintech@bog.gov.gh | digitalcredit@bog.gov.gh
The notice was signed by Aimee Vyda Quashie (Ms.), Secretary of the Bank of Ghana, and took effect on August 3, 2026.
