Don’t deal with unlicensed loan firms – BoG cautions public against 20 loan apps

The Bank of Ghana has issued a stern warning to consumers against engaging with unlicensed loan firms. This advisory comes following the operations of 20 mobile loan applications that have been operating without the necessary license or authorization from the central bank. In a statement, the Central Bank emphasized that these entities' activities constitute serious breaches of customer data privacy, consumer protection, and regulatory standards.

The bank highlighted its commitment to working with relevant state institutions to identify, investigate, and enforce penalties against such entities, aiming to protect consumers and maintain the financial sector's integrity, safety, and stability. The public is urged not to engage with unlicensed loan providers, and banks and specialized deposit-taking institutions are also cautioned against facilitating transactions for these providers.

The Central Bank has called on the public to report any instances of unlicensed loan activities to the Bank of Ghana. Additionally, the bank pledged to continue efforts to maintain the digital credit space's integrity and protect the public from unlicensed entities providing digital credit services. These actions are deemed unlawful under the Digital Credit Service Providers Directive issued by the bank in September 2025.