The Bank of Ghana (BoG) has cautioned the public against using 20 digital loan applications that are operating without the required licence or authorisation from the central bank.
In a public notice issued on 3 August 2026, the BoG stated that these entities continue to offer digital credit services in breach of the Directive for Digital Credit Services Providers in Ghana (issued in September 2025 and effective from 1 November 2025) and other applicable laws.
The unlicensed platforms named by the central bank are: 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.
According to the BoG, the continued operation of these apps poses significant risks to users, including potential violations of customer data privacy, breaches of consumer protection rules, and non-compliance with established regulatory standards.
Background and Regulatory Context
Digital credit services short-term, low-value loans delivered exclusively through apps, websites or other online channels were formally brought under BoG oversight in 2025. The central bank designated them as a Non-Bank Financial Service under the Non-Bank Financial Institutions Act, 2008 (Act 774) and issued a dedicated Directive setting out licensing requirements, capital thresholds (minimum GHS 2 million), ownership rules, disclosure obligations, data protection standards and ethical debt-collection practices.
Existing operators were given a transition period ending 30 June 2026 to apply for licences and regularise their status. After that deadline passed, the BoG began taking enforcement action against non-compliant entities. The latest public warning forms part of a broader campaign to clean up Ghana’s rapidly growing digital lending sector, which has been plagued by complaints of hidden fees, aggressive recovery tactics, privacy breaches and unregulated operators.
The Bank of Ghana has urged members of the public to exercise caution and deal only with digital credit providers that have been duly licensed and authorised. It has also cautioned banks, specialised deposit-taking institutions and payment service providers against facilitating or processing transactions on behalf of the unlicensed apps.
The central bank says it will continue working with other state institutions to identify, investigate and take appropriate enforcement action against illegal operators in order to protect consumers and safeguard the integrity of the financial system.
Story by : Emmanuel Nettey
