Business News of 2026-11-04
BoG names 20 unlicensed online loan providers, cautions borrowers
The Bank of Ghana (BoG) has warned Ghanaians against borrowing money from 20 online loan providers operating without the required licences.
According to the central bank, the companies are operating in breach of the country's financial regulations and could expose customers' personal information to security risks.
In a statement issued on November 2, 2026, the BoG said it was working with the Cyber Security Authority to clamp down on illegal online lending activities.
The Bank explained that the companies were operating without the necessary approval, contrary to the rules introduced in September 2025 to regulate digital lending services.
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It warned that their activities could expose borrowers to various risks, particularly concerning the protection and privacy of their personal information.
The 20 online loan providers identified are:
1. Active Loan
2. Boafo Cash
3. Cediln
4. Fair Moni
5. Fast Loan
6. Halo Loan
7. Jmoney
8. Kredi
9. KudiNow
10. LendJet
11. MeCedi
12. NhyiraCash
13. Palcash
14. Quick Eazzy
15. SikaFlow
16. SikaNea
17. Swift Lending
18. TrustCredit GH
19. Velzo
20. Zedvance
The BoG has advised Ghanaians to avoid borrowing from these companies and ensure that any online loan provider they deal with has the necessary approval.
The central bank also cautioned banks, savings and loans companies, and payment service providers against processing payments or other transactions for unlicensed lending companies.
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It said it would continue working with relevant state agencies to investigate and take enforcement action against companies offering loans illegally.
The BoG stressed that the measures are intended to protect borrowers, safeguard their personal information and ensure that online lending companies comply with Ghana's financial laws.
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