The Bank of Ghana (BoG) has issued an official warning against 20 mobile loan applications operating within the country without the necessary licensing and authorization.
According to a central bank statement released on Wednesday, September 9, 2026, these illegal operators pose serious risks to consumer protection and data privacy while directly breaching established financial regulations. Consequently, members of the public are strongly advised to avoid using or engaging with these platforms.
The central bank has also warned commercial banks, Specialised Deposit-Taking Institutions (SDIs), and Payment Service Providers (PSPs) against processing, facilitating, or supporting financial transactions for any unlicensed lenders.
This public warning is part of ongoing regulatory measures to clean up Ghana’s digital financial market and shield consumers from predatory and unauthorized digital credit providers. The apex bank emphasized that these operations violate the Directive for Digital Credit Service Providers in Ghana, which was enacted in September 2025.
Consumers are encouraged to verify the legal status of any digital credit platform with the Bank of Ghana before applying for loans or sharing personal information.
List of Flagged Mobile Loan Apps:
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
Zoom Advance
@Volta Today
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