BTA Admin The central bank says digital lenders that failed to obtain licences by the June deadline could face regulatory action and urges borrowers to deal only with approved providers.
The Bank of Ghana (BoG) has warned the public to exercise caution when using mobile loan applications, following the expiration of the regulatory deadline for all digital lenders to obtain operating licences.
In a public notice issued on July 20, 2026, the central bank announced that the June 30, 2026 deadline for unlicensed mobile loan applications and Digital Credit Services Providers to regularise their operations has officially passed.
The Bank said entities that failed to comply with its earlier directive could now face regulatory enforcement under Ghana’s financial sector laws.
Regulatory action expected
The BoG stated that operators that have not secured the required licences may be subject to regulatory action in accordance with applicable laws and regulations.
The central bank advised borrowers to deal only with digital credit providers that have been licensed and supervised by the Bank of Ghana.
To improve transparency, the Bank said it will soon publish and regularly update an official list of licensed Digital Credit Services Providers on its website, allowing consumers to verify whether a lender is authorised before borrowing.
Digital lending now under central bank supervision
The directive follows reforms introduced in August 2025, when the Bank of Ghana formally classified digital credit services as a regulated non-bank financial service.
Under the framework, companies offering loans through mobile applications and digital platforms are required to obtain licences before operating in Ghana.
The move is intended to strengthen consumer protection while bringing the rapidly expanding digital lending industry under formal regulatory oversight.
Protecting borrowers
The Bank said the licensing framework responds to growing concerns over the conduct of some unregulated digital lenders.
Authorities have received complaints involving excessive interest charges, predatory lending practices, aggressive debt collection methods and violations of customer privacy through unauthorised access to personal data.
By requiring operators to obtain licences, the central bank aims to improve accountability, strengthen consumer confidence and ensure digital lenders comply with established financial regulations.
Public urged to verify lenders
The Bank of Ghana encouraged consumers to verify the licensing status of any digital loan provider before applying for credit.
It has also published a set of Frequently Asked Questions (FAQs) explaining the licensing process, how consumers can identify authorised providers and what the expiry of the licensing deadline means for both operators and borrowers.
The central bank said greater public awareness will be essential in reducing the risks associated with borrowing from unregulated digital lenders.
The Bank of Ghana has warned that mobile loan providers operating without licences after the June 30 deadline could face regulatory action.
Borrowers are being urged to verify that any digital lender is licensed before taking out a loan as the central bank strengthens oversight of Ghana’s rapidly growing digital credit industry.
