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Unlicensed Mobile Loan Apps Face BoG Sanctions After June 2026 Deadline
The Bank of Ghana (BoG) has issued a stern directive to all unlicensed mobile loan applications and digital credit providers operating in the country, instructing them to regularise their activities by June 30, 2026, or face regulatory sanctions, including suspension and shutdown.
According to the central bank, beginning November 3, 2025, it will start accepting applications from entities seeking authorisation to operate as Digital Credit Services Providers (DCSPs) under new licensing and regulatory guidelines. The framework is aimed at instilling transparency, accountability, and consumer protection within Ghana’s fast-growing digital lending sector.
The directive follows widespread complaints over the proliferation of unregulated online lenders accused of charging exorbitant interest rates, violating data privacy laws, and engaging in abusive debt recovery practices. These actions, the BoG noted, have led to increasing consumer distress and loss of confidence in the digital credit market.
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“The Bank will not hesitate to take appropriate regulatory action against any institution that fails to comply within the stipulated period,” the BoG said in a statement, emphasising that the move forms part of its broader effort to strengthen oversight, protect consumers, and enhance public trust in Ghana’s fintech and digital finance ecosystem.
The central bank has therefore urged all existing operators to submit the required documentation to the FinTech and Innovation Office before the June 2026 deadline to continue operating legally.
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