Bank of Ghana Warns Consumers Against 20 Unlicensed Digital Loan Apps
The Bank of Ghana and Cyber Security Authority have named 20 loan applications operating without required authorisation and warned consumers about potential privacy and financial risks.
ACCRA, GHANA — The Bank of Ghana has warned the public against 20 digital loan applications that it says are operating without the required regulatory authorisation, raising concerns about consumer protection and the handling of customers' personal information.
The warning was contained in a notice dated November 2, 2026, issued in coordination with the Cyber Security Authority. It received renewed public attention on November 5 as consumers were encouraged to verify digital lenders before using their services.
Twenty applications named
The applications listed are Active Loan, Boafo Cash, Cediln, Fair Moni, Fast Loan, Halo Loan, Jmoney, Kredi, KudiNow, LendJet, MeCedi, NhyiraCash, Palcash, Quick Eazzy, SikaFlow, SikaNea, Swift Lending, TrustCredit GH, Velzo and Zedvance.
According to the central bank, the identified services have been providing digital credit without the authorisation required under Ghana's Directive for Digital Credit Service Providers. The regulator said such operations may expose borrowers to risks involving personal data, lending practices and consumer rights.
Warning to regulated financial institutions
The Bank of Ghana also cautioned banks, specialised deposit-taking institutions and payment service providers against facilitating transactions for unlicensed digital credit operators.
The regulator said it was working with other state institutions to identify unauthorised providers, investigate their activities and take appropriate enforcement action.
What borrowers should do
Consumers considering a mobile loan should check whether the provider is authorised and understand its repayment terms and privacy practices before submitting personal information. The warning should not be interpreted as a determination about the terms of every individual loan made through a named application.
Borrowers who believe they have encountered an unauthorised lender can report the matter through the Bank of Ghana's recognised consumer and financial-technology channels.
Official reference: Bank of Ghana, Notice No. 40, November 2, 2026. https://www.bog.gov.gh/news/notice-no-40-unlicensed-digital-credit-services-providers/
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