The Bank of Ghana has issued a firm warning to all unlicensed mobile loan apps and digital credit providers operating in the country to regularize their operations by June 30, 2026, or face serious regulatory action. The directive, which comes as part of efforts to clean up Ghana’s fast-expanding digital lending market, aims to bring greater order, transparency, and consumer protection to the sector.
New Licensing Window for Digital Credit Services Providers
Beginning November 3, 2025, the central bank will officially open its doors to applications from entities seeking authorization to operate as Digital Credit Services Providers (DCSPs). This new licensing regime falls under a comprehensive regulatory framework developed by the BoG to ensure that all digital lenders operate responsibly and within the law.
According to the Bank, the guidelines are designed to enhance accountability, safeguard user data, and ensure fair lending practices in the growing digital finance space. The move comes amid mounting concerns over the activities of some online lenders accused of imposing excessive interest rates, misusing personal data, and harassing borrowers through unethical recovery methods.
Growing Concerns Over Unregulated Lenders
Over the past few years, Ghana’s digital credit sector has seen a surge in the number of mobile loan apps offering quick, unsecured loans. While these services have improved access to finance, many of them operate outside the BoG’s supervision. As a result, thousands of borrowers have fallen victim to predatory lending, privacy violations, and financial exploitation.
The central bank, in a statement, stressed that it “will not hesitate to take regulatory action against any institution that fails to comply within the stipulated period.” Sanctions may include suspension of operations, shutdown orders, and possible legal prosecution for persistent violators.
Ensuring Transparency and Consumer Protection
The BoG’s latest directive is part of its broader mission to restore public confidence in Ghana’s financial technology and digital credit space. By tightening oversight, the Bank hopes to ensure that only credible and compliant operators remain active in the market.
All existing mobile loan and digital credit providers have therefore been urged to submit their licensing documents to the FinTech and Innovation Office before the June 30, 2026 deadline. This includes providing full disclosure of ownership structures, data protection policies, and consumer complaint mechanisms.
Strengthening Ghana’s Fintech Ecosystem
The introduction of the DCSP licensing regime is expected to promote a fair, transparent, and competitive lending environment, where both lenders and consumers can thrive under clear regulatory standards.
By enforcing these rules, the Bank of Ghana seeks to create a more trustworthy digital finance ecosystem, where innovation continues to flourish while protecting users from financial abuse.
