The Bank of Ghana (BoG) has warned the public against using 20 mobile loan applications operating without its approval.

The digital lenders are offering credit services without the required licence or authorisation from the central bank, the BoG said.

In a notice, the Bank said the operations of the unlicensed providers contravened the Directive for Digital Credit Services Providers in Ghana and posed risks to users.

The affected applications are Agile Loan, AmanaPay, CashWay, Foutou Credit, HastyCredit, InsCash, KudiNow, LendAura, Lever Credit, LoanGlide, NovaCedi, Palm Loan, PocketLoan, Rite Credit, SikaCare, SikaNow, Susu Loan, Taploan Up, Temivo Cedi and Zatuloan.

The BoG said the operations raised concerns about customer data privacy, consumer protection and compliance with financial sector regulations.

It urged the public to use only financial institutions and digital credit providers licensed and approved by the central bank.

The Bank said it was working with relevant state agencies to identify, investigate and take enforcement action against unlicensed operators.

It said the measures aimed to protect consumers and maintain the safety, integrity and stability of the financial sector.