The Bank of Ghana (BoG) has released a list of 20 mobile loan applications that are operating illegally in the country, urging the public to avoid engaging with these unlicensed digital credit providers. In a public notice dated August 3, 2026, the central bank identified these rogue operators, which include well-known applications such as Sika Tap, CediGo, PoPoCedi, and SikaPa Loan. The complete list also includes Adamfo Loan, Agyapacredit, Amanfi Loan, Arco Cash, Aya Lend, Bucks Now, CGrab, DumboCash, FCash, Gh Loans, Gh Loans Pro, Hasty Credit, Newgry Money Tree, Omanpesa, Ready Money, and Zigwe Loan.
The Bank of Ghana stated that these entities are involved in digital lending activities without the necessary licenses or authorisations, violating the Directive for Digital Credit Service Providers in Ghana published in September 2025. The notice, signed by Aimee Vyda Quashie, the Secretary of the Bank, emphasised that the ongoing operations of these unlicensed providers constitute “significant violations of customer data privacy, consumer protection, and established regulatory standards.”
This announcement follows an earlier notice from the Bank regarding the same issue, indicating that the central bank is intensifying its enforcement efforts against unregulated digital lenders who have been operating without oversight. The regulator expressed concern that these platforms exploit Ghanaians through predatory lending practices, often using aggressive debt recovery tactics and unauthorized access to borrowers’ personal data.
The Bank of Ghana has directed all licensed financial institutions, including Banks, Specialised Deposit-Taking Institutions (SDIs), and Payment Service Providers (PSPs), to refrain from facilitating or processing any transactions on behalf of these unlicensed entities. This move is intended to cut off the financial infrastructure that enables these rogue operators to function.
The central bank has assured the public that it will continue to collaborate with relevant state institutions to identify, investigate, and take appropriate enforcement action against such entities to safeguard consumers and uphold the integrity and stability of the financial sector. Members of the public who encounter the activities of these or any other unlicensed loan providers have been encouraged to report them directly to the Bank’s Fintech and Innovation Department.
Reports can be made via telephone at +233 30 273 9650 or through email at fintech@bog.gov.gh or digitalcredit@bog.gov.gh. The Bank of Ghana’s action reflects growing concerns about the proliferation of unregulated digital credit platforms that have flooded the Ghanaian market, often preying on vulnerable individuals seeking quick access to funds without fully understanding the terms and conditions of the loans. Regulators globally have been grappling with how to rein in such platforms, which often operate across borders and leverage technology to bypass traditional regulatory oversight.
Source: Kweku Zurek
