BY NADIA NTIAMOAH
The Bank of Ghana (BoG) has intensified its regulatory crackdown on illegal digital lending by blacklisting 20 unlicensed digital credit service providers and warning the public against borrowing from their platforms, citing serious concerns over consumer protection, data privacy and regulatory compliance.
In a public notice issued on August 3, 2026, the central bank directed banks, Specialised Deposit-Taking Institutions (SDIs) and Payment Service Providers (PSPs) not to facilitate or process transactions on behalf of the affected digital loan providers, describing their operations as illegal under the financial laws.
The latest enforcement action forms part of the Bank of Ghana’s ongoing efforts to sanitise the country’s rapidly expanding digital financial services sector following the implementation of the Directive for Digital Credit Service Providers in September 2025.
The directive introduced a licensing and regulatory framework for digital lenders, requiring operators to obtain authorisation before offering loan services to the public.
According to the central bank, despite the regulatory framework now in force, several digital lending companies continue to provide instant loans to Ghanaians through mobile applications and other digital platforms without obtaining the required licence from the Bank of Ghana.
The BoG warned that such unauthorised lending activities expose consumers to significant risks, including violations of data privacy, weak consumer protection standards and the absence of regulatory oversight to safeguard borrowers.
As part of the latest crackdown, the central bank identified 20 digital loan applications currently operating without authorisation. They include Adamfo Loan, Agyapacredit, Amanfi Loan, Arco Cash, Aya Lend, Bucks Now, CediGo, CGrab, DumboCash, FCash, Gh Loans, Gh Loans Pro, Hasty Credit, Newgry Money Tree, Omanpesa, PoPoCedi, Ready Money, Sika Tap, Sikapa Loan and Zigwe Loan.
The Bank of Ghana cautioned the general public against engaging with any of these digital lenders, stressing that they are operating outside the country’s regulatory framework.
“The general public is therefore strongly advised not to engage with unlicensed loan providers. Banks, Specialised Deposit-Taking Institutions (SDIs), and Payment Service Providers (PSPs) are also cautioned against facilitating or processing transactions on behalf of unlicensed loan providers,” the Bank stated.
