The Bank of Ghana has strongly advised the public not to engage with unlicensed loan providers.

This follows the operations of 20 mobile loan applications without the requisite license or authorisation from the central Bank.

In a communique, the Central Bank reiterated that the operations of these entities constitute significant violations of customer data privacy, consumer protection, and established regulatory standards.

It pointed out that it will continue to collaborate with relevant state institutions to identify, investigate, and take appropriate enforcement action against such entities in order to safeguard consumers and uphold the integrity, safety, and stability of the financial sector.

“The general public is therefore strongly advised not to engage with unlicensed loan providers. Banks and Specialised Deposit-Taking Institutions (SDIs), Payment Service Providers (PSPs) are also cautioned against facilitating or processing transactions on behalf of unlicensed loan providers”.

The Central Bank urged members of the public who become aware of the activities of unlicensed loan providers to report them to the Bank of Ghana.

The bank added that it will continue to take steps to sanitise the digital credit space and protect the public from entities providing digital credit services without the requisite licence or authorisation.

Such activities, it stated, are conducted in contravention of the Directive for Digital Credit Service Providers in Ghana (September 2025).