Omanghana
The Bank of Ghana (BoG) has cautioned the public against dealing with 20 mobile lending platforms that it says are operating without regulatory approval.
In a public notice issued on Monday, August 3, 2026, the central bank said the entities were conducting business in breach of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930). It urged consumers to stop transacting with them.
The platforms named are SikaPurse, 4-Cedi, KeCedi, SikaCedi, Chapa Cedi, Zidisha, CediNow, CediX, Bumblebee and Lemon Wallet.
The others are Fiesta Cash, Cocoa Cash, Kudi Credit, Moni Cedi, Pocket Cedi, Sika Dua, Mosem, SikaAbba, Xcess Loan and Sika Fie.
According to the BoG, none of the listed entities has been authorised to provide deposit-taking or credit-delivery services.
The central bank also raised concerns about practices associated with unlicensed lending applications, including excessive interest charges, aggressive debt collection and persistent online harassment. It warned that borrowers could face violations of their data privacy as operators use personal information to pressure them into repayment.
The BoG said it was working with law enforcement agencies, the Cyber Security Authority and telecommunications service providers to identify the operators, disrupt their activities and pursue prosecution.
It reiterated its warning to the public to avoid the listed platforms and remain vigilant when accessing loans through mobile applications.
Source: Omanghana
