The Bank of Ghana (BoG) has given all unlicensed mobile loan applications and digital credit providers until June 30, 2026, to regularize their operations or face regulatory sanctions, including suspension and shutdown.
According to the central bank, the directive forms part of ongoing efforts to bring greater transparency, consumer protection, and order to Ghana’s rapidly expanding digital lending sector.
New Licensing Framework Begins in November 2025
Starting November 3, 2025, the BoG will begin accepting applications from companies seeking to operate as Digital Credit Services Providers (DCSPs).
This process will be guided by new licensing regulations aimed at standardizing operations within the fintech and digital credit industry.
The central bank noted that the new framework is designed to:
- Regulate unlicensed mobile lenders currently operating outside Ghana’s financial laws.
- Protect consumers from excessive interest rates and unethical recovery practices.
- Strengthen data privacy and responsible lending standards.
- Improve supervisory oversight of digital financial services.
Addressing Growing Concerns in the Sector
The directive follows growing public and institutional concern over the proliferation of unregulated digital lenders in Ghana.
Many of these platforms have been accused of breaching user privacy, charging exploitative interest rates, and using aggressive debt collection tactics that violate ethical and legal standards.
The BoG emphasized that such practices undermine trust in the country’s financial system and pose risks to both borrowers and the broader digital economy.
Enforcement and Compliance
All digital lenders operating in Ghana must now apply for authorization through the BoG’s FinTech and Innovation Office. Entities that fail to comply within the stipulated period will face what the central bank calls “appropriate regulatory action,” including suspension or shutdown.
The move is part of a wider strategy to enhance consumer protection and ensure that all financial technology firms operate within a regulated framework that promotes accountability and fair competition.
Strengthening Ghana’s Digital Finance Landscape
Ghana’s fintech ecosystem has experienced rapid growth in recent years, driven by increased smartphone adoption and demand for convenient financial solutions.
While this expansion has improved financial inclusion, it has also created opportunities for unregulated operators to exploit vulnerable consumers.
By enforcing these new guidelines, the BoG seeks to build a more responsible and sustainable digital lending environment one that balances innovation with oversight and consumer safety.