The Bank of Ghana (BoG) has announced that they have flagged 20 mobile loan applications for operating without the requisite licence or authorisation to provide digital credit services in Ghana.
According to the Bank of Ghana, the operations of the entities constitute violations of customer data privacy, consumer protection requirements and other established regulatory standards.
The affected loan apps include:
“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 and Zoom Advance”.
They further disclosed that it is collaborating with relevant state institutions to identify and investigate the operators and apply appropriate enforcement measures.
The BoG further advised the public not to engage with the unlicensed loan providers.
In a notice issued on Wednesday, September 9, 2026, the BoG stated, “The Bank of Ghana 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, Specialised Deposit-Taking Institutions (SDIs), and Payment Service Providers (PSPs) are also cautioned against facilitating or processing transactions on behalf of unlicensed loan providers. Members of the public who become aware of the activities of unlicensed loan providers are encouraged to report them to the Bank of Ghana,” part of the statement read.
In other news, the Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) have issued a strong warning to the Ghanaian public against a purported crypto investment platform known as “Daily Wealth Guide”.
According to the BoG and SEC, individuals behind the platform are enticing the public with promises of high returns to lure unsuspecting members of the public into making illegal deposit-taking.
The BoG and SEC also cited a doctored video allegedly showing President John Dramani Mahama endorsing the investment platform, stressing that the video is fake and should not be relied upon as evidence of any government endorsement or regulatory approval of the platform.
In a statement, the Bank of Ghana stated, “The Bank of Ghana and the Securities and Exchange Commission, acting in accordance with sections 8 and 52 of the Anti-Money Laundering Act 2020 (Act 1044), wish to caution the public against scammers who are promising high sums of money to Ghanaians through a crypto investment platform.
A doctored video is circulating on social media where the President of the Republic of Ghana, His Excellency John Dramani Mahama, has purportedly endorsed the investment platform named “Daily Wealth Guide.”
The invitation to members of the public to invest in these scams amounts to deposit-taking, under the Banks and Specialised Deposit-Taking Institutions Act, 20 16 (Act 930).
Under Section 4(i) of Act 930, only a body corporate, licensed by the Bank of Ghana, may carry out deposit-taking business.
By this notice, the Bank of Ghana and the Securities and Exchange Commission wish to inform the public that the Bank has not licensed any entity or individual to engage in crypto investment. The said individuals or entities engaged in this act commit an offence and will be penalised and required to refund all funds received.
See the statement below:
@ghnow_ Hon. Sam George takes a moment to teach pupils at the Prampram Cluster of Schools how to safely ride and enjoy the newly commissioned seesaw. #GHnow #fyp ♬ original sound – GHnow
@ghnow_ Hon. Sam George helped students climb onto the newly commissioned seesaw at the Prampram Cluster of Schools, ensuring the pupils could safely enjoy the new recreational facility. #GHnow #fyp ♬ original sound – GHnow
