Bank of Ghana blacklists 20 unlicensed mobile loan applications

The Bank of Ghana (BoG) has issued a public warning against 20 unlicensed mobile loan applications and digital credit service providers operating in the country without regulatory approval. In a notice dated November 2, the central bank cautioned the public to desist from using these services, noting that they are operating in violation of the Directive for Digital Credit Service Providers established in September 2025. This action is part of a broader effort to sanitize the digital lending sector and protect consumers from unregulated financial practices.

According to the BoG, the flagged applications include entities such as Active Loan, Boafo Cash, and Zedvance, among others. The central bank emphasized that these providers have failed to secure the necessary licenses, which poses significant risks to consumers, particularly regarding personal data privacy and consumer rights. By bypassing regulatory oversight, these apps operate outside the framework designed to ensure fair lending practices and the security of borrowers' financial information.

To enforce these restrictions, the Bank of Ghana has instructed all banks, specialized deposit-taking institutions, and payment service providers to stop facilitating transactions for the identified unauthorized providers. Furthermore, the BoG is collaborating with the Cyber Security Authority (CSA) to monitor the digital credit market and take enforcement actions against illegal operators. The collaboration aims to strengthen the digital credit market regulations and ensure that all service providers adhere to the high standards required for consumer protection in the digital age.

The central bank’s move comes amid a rapid growth in digital lending services following the 2025 directive. The public is urged to verify the licensing status of providers and report any suspicious or unauthorized digital lending activities to the Bank of Ghana to assist in ongoing regulatory efforts. This crackdown serves as a reminder to both consumers and financial technology firms of the importance of compliance with the BoG’s regulatory framework to maintain the integrity of Ghana's financial system.