The Bank of Ghana has indicated that it will soon take regulatory action against unlicensed Digital Credit Service Providers (DCSPs) operating in the country.

The announcement follows the expiration of the June 30 deadline for existing mobile loan applications and Digital Credit Service Providers operating without a licence to regularise their operations.

In a statement, the Bank of Ghana noted that all entities that failed to comply with the directive may be subject to regulatory action in accordance with applicable laws and regulations.

The bank also advised the public to exercise caution when dealing with digital credit providers and to ensure they engage only with entities duly licensed by the Bank of Ghana.

The central bank further disclosed that, in due course, it will publish and maintain an updated list of licensed Digital Credit Service Providers on its website.

To support public awareness and provide further clarity on the development, the Bank of Ghana said detailed Frequently Asked Questions (FAQs) have been published on its website.

The FAQs are expected to provide guidance on:

• The licensing requirements for Digital Credit Service Providers.
• How to verify licensed providers.
• The implications for non-compliant operators and their customers.

The Bank of Ghana advised members of the public to visit its official website to access the FAQs and obtain further information.