Bank of Ghana publishes list of 20 unlicensed digital credit service providers

The Bank of Ghana (BoG) has published a list of 20 unlicensed digital credit service providers, warning the public against borrowing from mobile loan applications operating without regulatory approval.

According to the central bank, the affected digital lenders have been offering loans to Ghanaians through online and mobile platforms without obtaining the required licence or authorisation, contrary to Ghana's financial regulations.

The announcement was made in a statement issued on Monday, August 3, 2026, as part of the Bank's ongoing efforts to strengthen consumer protection and sanitise the country's rapidly growing digital lending industry.

The Bank of Ghana stated that it has observed the continued operation of several entities providing digital credit services in Ghana despite lacking the mandatory regulatory approval.

According to the central bank, these activities violate the Directive for Digital Credit Service Providers in Ghana (September 2025), issued under Notice No. BG/GOV/SEC/2025/30, as well as other applicable financial sector laws.

The directive requires every institution offering digital lending services to obtain the necessary licence or authorisation before extending loans to customers.

The Bank emphasised that compliance with these regulations is essential to protect borrowers, promote responsible lending practices and maintain confidence in Ghana's financial system.

BoG advised the public to exercise caution when seeking loans through mobile applications and online lending platforms.

The central bank warned that dealing with unlicensed digital lenders exposes consumers to significant risks, including unfair lending practices, excessive charges, misuse of personal data and limited legal protection in the event of disputes.

Customers were therefore encouraged to verify the licensing status of any digital lender before accepting loan offers.

The Bank reiterated that only institutions licensed or authorised by the Bank of Ghana are permitted to provide digital credit services within the country.

The publication of the unlicensed providers forms part of the Bank of Ghana's broader campaign to improve regulation of the digital financial services sector.

As mobile lending continues to grow across Ghana, the central bank has stepped up enforcement measures to eliminate illegal operators while promoting safe, transparent and responsible digital financial services.

BoG indicated that it will continue monitoring the market and take appropriate regulatory and legal action against entities that operate without authorisation.

The Bank of Ghana stated that 20 mobile loan applications have been identified as operating without the required licence or authorisation.

The central bank urged the public to avoid transacting with these applications until they obtain the necessary regulatory approval.