BoG to publish weekly list of unlicensed digital lenders as crackdown intensifies

The Bank of Ghana (BoG) is set to publish a weekly list of unlicensed digital lenders in an intensified crackdown on the rapidly growing digital credit sector in Ghana. Governor Dr Johnson Pandit Asiama announced this measure during a recent Monetary Policy Committee meeting with bank executives. The weekly publication aims to enhance oversight and ensure only authorized providers offer credit to the public. Other regulatory agencies are also working to remove non-compliant entities from the market.

The BoG has introduced a dedicated regulatory framework for digital credit services, establishing licensing requirements and operational guidelines for digital lenders. The framework, published in July 2026, mandates a minimum capital of GH¢2 million for digital credit providers and includes due diligence checks for commercial banks partnering with such providers.

The BoG has granted existing mobile loan apps and unlicensed digital lenders until June 30, 2026, to become compliant or face regulatory action. The central bank has also warned the public against unlicensed lenders operating through mobile apps and social media platforms. An approved digital lending application list on the BoG's website currently includes Fido Micro Credit Limited's Fido application.

The intensified enforcement measures aim to protect consumers, promote responsible lending practices, and maintain confidence in Ghana's financial system. The BoG and relevant agencies will continue efforts to identify and remove operators failing to comply with the law.