By Amoako Kwame
The Bank of Ghana (BoG) is intensifying its crackdown on unlicensed digital lenders, with plans to publish a weekly list of entities providing digital credit services without regulatory approval.
The Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, announced the measure during the post-131st Monetary Policy Committee (MPC) engagement with heads of banks in Accra.
He said the weekly publication forms part of broader efforts to strengthen oversight of Ghana’s rapidly expanding digital lending industry and ensure that only duly authorised operators provide credit to the public.
The Governor said law-enforcement and other regulatory agencies were also taking steps against digital credit providers operating outside the law, with the objective of removing non-compliant entities from the market.
Dr Asiama further cautioned commercial banks to exercise heightened due diligence when dealing with digital lending companies, particularly before entering into partnerships or other business arrangements.
“Banks are encouraged to exercise heightened due diligence when engaging digital credit service providers and should verify the licensing status of such entities with the Bank of Ghana before establishing any partnership or business relationship,” he said.
New regulatory framework for digital lenders
The latest move follows the Bank of Ghana’s introduction of a dedicated regulatory framework for digital credit services.
In July 2026, the central bank formally published its Directive for Digital Credit Services Providers, establishing licensing and operational requirements for companies seeking to provide short-term, low-value credit exclusively through digital channels. The directive is intended to promote responsible digital lending, strengthen consumer protection, improve data privacy and security, and establish minimum standards for operators.
The BoG has also directed prospective digital credit providers to apply for licences through its Online Regulatory Analytics Surveillance System (ORASS).
Under the licensing framework, digital credit providers are required to meet financial and operational requirements, including a minimum capital requirement of GH¢2 million.
The Bank had earlier given existing mobile loan apps and digital credit providers operating without a licence until June 30, 2026, to regularise their operations or face regulatory action.
BoG warns public against unlicensed lenders
The intensified enforcement also follows a recent warning from the central bank over the continued operation of unlicensed entities offering loans to Ghanaians, mainly through mobile applications and social media platforms.
The BoG has stated that such activities contravene the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) and has urged the public to verify the regulatory status of lenders before engaging their services.
The central bank also maintains a list of approved digital lending applications on its website. The published list identifies Fido Micro Credit Limited’s Fido application as an approved digital lending application.
The BoG’s latest directive is therefore expected to provide consumers with more regular information on entities operating outside the regulatory framework while making it more difficult for unlicensed lenders to use legitimate financial institutions as part of their operations.
The Governor said the measures are ultimately aimed at protecting consumers, promoting responsible lending practices and preserving confidence in Ghana’s financial system.
The Bank, together with relevant law-enforcement and regulatory agencies, will continue efforts to identify and remove operators that fail to comply with the law.
