The Bank of Ghana (BoG) has identified 20 mobile loan applications operating without the required regulatory licence or authorisation, warning consumers against using their services.

The central bank has also cautioned banks, specialised deposit-taking institutions and payment service providers against facilitating transactions for the unlicensed operators.

In a notice issued on November 2, the regulator said the applications were operating in breach of its Directive for Digital Credit Service Providers in Ghana, introduced in September 2025.

The 20 applications named by the Bank of Ghana are Active Loan, Boafo Cash, Cediln, Fair Moni, Fast Loan, Halo Loan, Jmoney, Kredi, KudiNow, LendJet, MeCedi, NhyiraCash, Palcash, Quick Eazzy, SikaFlow, SikaNea, Swift Lending, TrustCredit GH, Velzo and Zedvance.

According to the central bank, the activities of the providers raise concerns about customer data privacy, consumer protection and compliance with regulatory standards.

It said it was working with the Cyber Security Authority to sanitise the digital credit market and protect consumers from operators conducting business outside the regulatory framework.

The Bank of Ghana further warned regulated financial institutions and payment operators against processing transactions or providing services that facilitate the activities of the identified loan applications.

It said it would continue collaborating with relevant state institutions to identify, investigate and take appropriate enforcement action against unauthorised digital credit providers.

The public has been advised to avoid dealing with the operators and report information about their activities to the central bank.

The notice forms part of the Bank of Ghana’s efforts to strengthen oversight of digital lending, which has expanded access to credit through mobile applications but also raised concerns about data privacy and consumer protection.