The Bank of Ghana has issued a strong caution to the public and licensed financial institutions against engaging with unlicensed digital credit service providers, as part of ongoing efforts to sanitize the digital lending space and protect consumers.
In a public notice signed by the Secretary of the Bank, Ms. Aimee Vyda Quashie, the central bank reiterated that the operations of certain entities constitute significant violations of customer data privacy, consumer protection, and regulatory standards. It stressed that such activities undermine the integrity and stability of the financial sector.
The Bank announced that it will collaborate with relevant state institutions to identify, investigate, and enforce actions against unlicensed operators. It further advised banks, specialised deposit‑taking institutions (SDIs), and payment service providers (PSPs) to desist from facilitating transactions for these entities.
A separate notice, BG/GOV/SEC/29, listed twenty mobile loan applications currently operating without authorization. These include Cascredit, Cash Future, Moni Wave, Nova Cedi, and Zoom Advance, among others.
The Bank reminded the public that only licensed digital credit service providers are permitted to operate under the Directive for Digital Credit Service Providers issued in September 2025. It urged consumers to avoid unlicensed platforms and report suspicious activities to the Bank of Ghana.
Contact details for reporting include:
- Fintech and Innovation Department, Bank of Ghana, The Bank Square, Ridge, Accra
- Tel: 030 273 9650
- Email: fintech@bog.gov.gh / digitalcredit@bog.gov.gh
- Website: www.bog.gov.gh
The Bank’s latest action underscores its commitment to safeguarding consumer interests and ensuring that Ghana’s financial sector remains stable, transparent, and trustworthy.
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