The Bank of Ghana (BoG) has taken a significant step towards protecting consumers by warning all unlicensed mobile loan apps and digital credit providers to regularize their operations by June 30, 2026. This move aims to curb the rising cases of unethical behavior in the digital lending space, including harassment, threats, and scams targeting borrowers, particularly young people and informal workers.
According to the BoG, failure to comply with the directive will trigger enforcement actions, including suspension or complete shutdown of their platforms. The central bank has already flagged two digital financial service providers, YellowPay and HanyPay, for operating without necessary licenses and regulatory approvals in Ghana.
What This Means for Consumers
The BoG’s crackdown on unlicensed digital lenders is designed to promote transparency, protect consumers, and ensure orderly conduct in the sector. With the new licensing framework, entities seeking to operate as Digital Credit Services Providers can submit their applications starting November 3, 2025. This move is expected to safeguard the financial system’s integrity and protect consumers from potential risks associated with unregulated digital operations.
Key Highlights of the New Regulations
– Licensing Requirement: All digital lenders must obtain licensing or authorization from the Bank of Ghana to operate in the country.
– Consumer Protection: The new guidelines aim to protect borrowers from exploitation and ensure that lenders adopt ethical practices.
– Transparency and Accountability: Digital lenders will be required to disclose all relevant terms and conditions, including interest rates and applicable fees, clearly and transparently.