Unlicensed mobile loan apps face BoG sanctions after June 2026 deadline

The Bank of Ghana (BoG) has directed all unlicensed mobile loan applications and digital credit providers operating in the country to regularise their activities by June 30, 2026, or face regulatory sanctions, including suspension and shutdown.

According to the central bank, effective November 3, 2025, it will begin accepting applications from entities seeking to operate as Digital Credit Services Providers under new licensing guidelines designed to bring order, transparency, and consumer protection to Ghana’s digital lending space.

The directive follows growing concerns over the proliferation of unregulated online lenders accused of charging exorbitant interest rates, breaching data privacy laws and engaging in unethical debt collection practices.

The BoG said entities that fail to comply within the stated period risk “appropriate regulatory action” as part of broader efforts to strengthen oversight and safeguard public trust in Ghana’s fintech and digital credit ecosystem.

The central bank has urged all existing operators to submit the required documentation to the FinTech and Innovation Office for approval before the June 2026 deadline.