BoG lists 20 unlicensed loan apps in Ghana - See full list

The Bank of Ghana (BoG) has identified 20 digital loan applications operating without the required authorisation, warning the public against using their services.

The central bank said the activities of the unlicensed digital lenders raised serious concerns about consumer protection, data privacy and compliance with Ghana's financial regulations.

The warning forms part of efforts to protect borrowers from potential risks associated with unauthorised digital lending platforms, particularly those operating outside the country's approved regulatory framework.

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According to the Bank of Ghana, it is working with the Cyber Security Authority (CSA) to address the activities of unauthorised digital lenders and strengthen measures to protect consumers.

The Bank of Ghana directs financial institutions to block transactions.

As part of its enforcement measures, the central bank has directed banks, Specialised Deposit-Taking Institutions (SDIs) and Payment Service Providers (PSPs) to stop processing or facilitating transactions for the identified loan operators.

The directive is intended to prevent regulated financial institutions and their payment channels from being used to support digital credit providers operating without the necessary approval.

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The Bank of Ghana also indicated that it would continue working with relevant state agencies to identify and investigate unlicensed lending operators.

It warned that enforcement measures would follow where necessary.

Full list of 20 unlicensed loan apps identified by BoG

The following are the 20 digital loan applications identified by the Bank of Ghana as operating without the required authorisation:

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1. Active Loan

2. Boafo Cash

3. Cediln

4. Fair Moni

5. Fast Loan

6. Halo Loan

7. Jmoney

8. Kredi

9. KudiNow

10. LendJet

11. MeCedi

12. NhyiraCash

13. Palcash

14. Quick and Eazzy

15. SikaFlow

16. SikaNea

17. Swift Lending

18. TrustCredit GH

19. Velzo

20. Zedvance

BoG urges Ghanaians to avoid unlicensed loan applications.

The Bank of Ghana has urged members of the public to avoid engaging with the identified applications and report any information about their activities to the central bank.

Consumers are also encouraged to exercise caution when using digital lending platforms and verify whether a lender has the necessary regulatory authorisation before sharing personal information or accepting a loan.

The warning highlights the importance of checking the legitimacy of digital financial services, particularly as mobile-based lending continues to provide an alternative source of credit for many people.

The central bank says it will continue collaborating with relevant authorities to identify unauthorised operators and protect consumers from potential financial and data privacy risks.