BoG flags 20 unlicensed mobile loan apps, warns public against using their services

The Bank of Ghana has identified 20 mobile loan applications that are operating without the required regulatory authorization, and has cautioned the public to avoid using their services. A notice, issued on November 2, revealed that these applications, including Active Loan, Boafo Cash, Cediln, and several others, were in violation of the central bank's Directive for Digital Credit Service Providers in Ghana, which became effective in September 2025.

The affected applications risk compromising customers' personal information, consumer rights, and regulatory compliance. The government regulator is working with the Cyber Security Authority to tackle illegal activities in the digital lending industry and safeguard borrowers. In addition, the central bank has directed banks, Specialized Deposit-Taking Institutions, and Payment Service Providers not to engage in transactions with the unlicensed loan operators.

The bank aims to prevent financial institutions and payment platforms from facilitating unauthorized digital lending businesses. The Bank of Ghana is committed to collaborating with relevant authorities to identify and investigate the activities of unlicensed operators, and to enforce regulatory measures as necessary. Consumers are advised to avoid using unlicensed loan applications and should report any suspected illegal operators to the central bank.