Ghanaians have been warned to stay away from unlicensed digital loan applications operating without the required regulatory approval. The Bank of Ghana (BoG) has raised concerns about illegal lending activities, misuse of personal information, and practices that expose borrowers to financial risks.
The Bank of Ghana has issued warnings about entities engaged in lending without the necessary authorisation. The warnings relate to the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), and the regulatory framework governing digital credit services.
Reports published in 2026 have named several mobile loan applications suspected of operating without the required approval.
LIST OF LOAN APPS FLAGGED IN GHANA
The applications named in report No. BG/GOV/SEC/2026/25 about the August notice include:
1. Adamfo Loan
2. Agyapacredit
3. Amanfi Loan
4. Arco Cash
5. Aya Lend
6. Bucks Now
7. CediGo
8. CGrab
9. DumboCash
10. FCash
11. GH Loans
12. GH Loans Pro
13. Hasty Credit
14. Newgry
15. Money Tree
16. Omanpesa
17. PoPoCedi
18. Ready Money
19. Sika Tap
20. Sikapa Loan
21. Zigwe Loan
September and October 2026 Lists
- Cascredit
- Cash Future
- Cash Cedi
- Cashpal
- Cashpal Pro
- CreditGo
- Funds Credit
- Glow Credit
- Moni Wave
- MoniLend
- Nova Cedi
- Onua Loan
- Quick Cedi
- Sika Boost
- Sika Credit
- Sompa Loan
- Sune Credit
- Swift Lend
- Target Credit
- Zoom Advance
Additional names mentioned in reports include:
- Agile Loan
- AmanaPay
- CashWay
- Photo Credit
Why You Should Be Careful With Unlicensed Loan Apps
1. Your Personal Information Could Be Misused
Some digital lending applications request access to users' contacts and other information stored on their phones.
Where that information is misused, borrowers may face harassment, threats, or attempts to shame them publicly when they fail to repay a loan.
Do not grant unnecessary permissions to a lending application. Protect your contacts, photographs, messages, and other private information.
2. Hidden Charges Could Make Your Loan More Expensive
Before accepting a loan, check the interest rate, processing fees, repayment period, and penalties for late payment.
Do not focus only on the amount an application promises to lend you. Find out exactly how much you must repay and when payment is due.
If the lender refuses to explain its charges clearly, do not proceed until you have verified the terms.
3. You Could Face Aggressive Debt Collection
Borrowers dealing with questionable lenders may encounter threats, harassment, or pressure involving friends and family.
Keep evidence of any threats or abusive messages. Report suspected unlawful conduct to the appropriate authorities rather than assuming you have no options.
4. You May Have Difficulty Resolving Disputes
An unlicensed lender may not operate within the applicable regulatory and consumer-protection framework.
This can complicate complaints about unfair charges, misuse of personal information, or questionable debt collection.
Before borrowing, establish the identity of the company behind the application and verify that it has the required authorisation.
How to Check Whether a Loan App Is Licensed
Visit the official "Bank of Ghana website" (https://www.bog.gov.gh/) and look for current notices and information on authorised digital credit providers.
Search for the company's exact legal name, not just the name displayed on its application. If you cannot confirm its status, contact the Bank of Ghana before borrowing.
Business registration alone does not necessarily mean a company is authorised to provide digital credit services.