Ghana Names 20 Unlicensed Loan Apps to Avoid
The Bank of Ghana has named 20 more unlicensed loan apps, its third such list since August, and warned banks not to process their payments. The post Ghana Names 20 Unlicensed Loan Apps to Avoid appeared first on The Rio Times .
The Bank of Ghana has identified and named 20 unlicensed loan apps that are operating without the necessary licenses, citing violations of data privacy and consumer protection rules. These apps, listed on Tuesday, 6 October, are instructed not to be used and banks are warned against handling payments for them. The Bank of Ghana, in its third list since August, also cautions payment service providers against processing transactions for these firms.
The directive rests on the Non-Bank Financial Institutions Act of 2008, which governs non-bank financial institutions. It states that anyone providing digital credit without a license commits an offence and may be prosecuted. The directive also bans abusive debt collection practices. Firms with unlicensed operations have until Tuesday, 30 June 2026, to regularise their activities.
The bank promises an updated public list of licensed digital lenders on its website. Lending apps can reach people without bank accounts through phone wallets, but the bank's warning targets the channels these apps use to move money.
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