The Bank of Ghana (BoG) has publicly named 20 digital loan applications operating illegally in the country, warning that thousands of unsuspecting Ghanaians could be exposing their personal data and finances to unregulated lenders.
In a public notice issued on August 3, 2026 (Notice No. BG/GOV/SEC/2026/25), the central bank cautioned the public against borrowing from mobile loan platforms, saying such platforms are operating without the licences required under the country’s financial regulations.
According to the BoG, the operators are offering digital credit services through mobile applications and other online platforms despite failing to obtain regulatory approval under the Directive for Digital Credit Service Providers, introduced in September 2025.
The central bank identified the affected applications as 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 and Zigwe Loan.
The Bank stressed that none of the listed applications is licensed or authorised to provide digital lending services in Ghana.
Beyond operating illegally, the BoG warned that the apps pose significant threats to consumers, particularly in the areas of data privacy, consumer protection and financial security.
It said users risk losing money, having their personal information misused or exploited, and becoming victims of practices that fall outside the country’s regulatory safeguards.
“The activities of these entities constitute significant breaches relating to customer data privacy, consumer protection and established regulatory standards,” the notice stated.
The warning also extends to regulated financial institutions.
The Bank directed all banks, Specialised Deposit-Taking Institutions (SDIs) and Payment Service Providers (PSPs) to refrain from processing payments or facilitating transactions for any unlicensed digital lender.
It said regulated institutions have a responsibility to ensure they do not support or enable the operations of illegal lending platforms.
The BoG indicated that it is working with other state agencies to identify, investigate and take enforcement action against the operators of the unlicensed loan apps as part of efforts to protect consumers and preserve confidence in Ghana’s financial system.
Members of the public who encounter unlicensed digital lenders have been urged to report them to the Bank of Ghana’s Fintech and Innovation Department through its official telephone lines or via email.
The latest action signals a renewed crackdown on the growing number of digital lending platforms operating outside the country’s regulatory framework, amid increasing concerns over consumer exploitation and the misuse of borrowers’ personal data.
Source: Bolgafmonline.com |102.7 MHz | Bolgatanga
