BoG Clamps Down On 20 Illegal Mobile Loan Apps
The Bank of Ghana (BoG) has issued a stern warning to the general public against engaging with 20 unlicensed digital credit services providers operating illegally within the country.
In an official public notice signed by the Secretary of the Bank, Aimee Vyda Quashie (Ms.), the central bank revealed that these entities have been providing digital loans to the Ghanaian public through online channels without obtaining the mandatory licence or legal authorization.
According to the regulator, the operations of these unregistered mobile applications breach established financial regulations, specifically violating the Directive for Digital Credit Service Providers in Ghana (September 2025) published under Notice No. BG/GOV/SEC/2025/30, as well as Notice No. BG/GOV/SEC/2026/22.
The affected mobile loan applications listed by the central bank include Adamfo Loan, Agyapacredit, Amanfi loan, Arco Cash, Aya lend, Bucks Now, CediGo, CGrab, DumboCash, and FCash. The remaining illegal entities are Gh Loans, Gh Loans pro, Hasty Credit, Newgry Money Tree, Omanpesa, PoPoCedi, Ready Money, Sika Tap, Sikapa Loan, and Zigwe Loan.
Highlighting the risks associated with these platforms, the central bank cautioned that their activities pose severe dangers to unsuspecting borrowers and the financial ecosystem at large.
“The Bank reiterates that the operations of these entities constitute significant violations of customer data privacy, consumer protection, and established regulatory standards,” the statement read.
The regulator further assured the public of its determination to clamp down on unlawful operators and uphold sanity within the financial sector through multi-agency collaboration.
“The Bank of Ghana will continue to collaborate with relevant state institutions to identify, investigate, and take appropriate enforcement action against such entities in order to safeguard consumers and uphold the integrity and stability of the financial sector,” the notice added.
Consequently, the central bank urged the public to refrain from doing business with non-compliant loan operators, while directing commercial banks, Specialised Deposit-Taking Institutions (SDIs), and Payment Service Providers (PSPs) to immediately cease processing or facilitating transactions for unlicensed digital lenders.
Members of the public who possess information on the activities of these illegal operators have been advised to report them to the Fintech and Innovation Department at the Bank of Ghana headquarters in Ridge, Accra.
By: Rainbowradioonline.com/Ghana
