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Bank of Ghana flags 20 unlicensed mobile loan applications
The Bank of Ghana has identified 20 mobile loan applications operating without the necessary licenses or authorizations to provide digital credit services in the country. The central bank warned that these entities are in breach of the Digital Credit Service Providers directive issued in September 2025.
According to the regulator, the operations of these unlicensed apps pose risks to customer data privacy and violate consumer protection requirements. The identified applications include Cascredit, Cash Future, Cash Cedi, Cashpal, Cashpal Pro, CreditGo, Funds Credit, Glow Credit, Moni Wave, MoniLend, Nova Cedi, Onua Loan, Quick Cedi, Sika Boost, Sika Credit, Sompa Loan, Sune Credit, Swift Lend, Target Credit, and Zoom Advance.
The Bank of Ghana is collaborating with state institutions to investigate the operators and implement enforcement measures. The central bank has cautioned the public against using these services and advised banks, specialized deposit-taking institutions, and payment service providers to avoid facilitating transactions for unlicensed lenders.
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- [● 3 SOURCES] The Digital Credit Service Providers directive was issued in September 2025. techfocus24.com · asaaseradio.com
- [● 3 SOURCES] The Bank of Ghana flagged 20 mobile loan applications for operating without required licenses or authorizations. techfocus24.com · asaaseradio.com
- [● 3 SOURCES] The operations of the unlicensed apps violate customer data privacy and consumer protection requirements. techfocus24.com · asaaseradio.com
- [● 2 SOURCES] Banks, specialized deposit-taking institutions, and payment service providers are cautioned against processing transactions for unlicensed lenders. techfocus24.com · asaaseradio.com