The Bank of Ghana has flagged 20 mobile loan apps for operating without the requisite licence or authorisation to provide digital credit services in Ghana.
The affected apps are Cascredit, Cash Future, Cash Cedi, Cashpal, Cashpal Pro, CreditGo, Funds Credit, Glow Credit, Moni Wave, MoniLend, Nova Cedi, Onua Loan, Quick Cedi, Sika Boost, Sika Credit, Sompa Loan, Sune Credit, Swift Lend, Target Credit, and Zoom Advance.
In a statement released , the Bank of Ghana said the operations of these entities constitute violations of customer data privacy, consumer protection requirements, and other established regulatory standards.
The central bank is working with the relevant state institutions to find out and investigate operators and take the necessary action, it has said.
The action is part of the central bank’s drive to clean up the digital credit market in Ghana and safeguard consumers against unlicensed players.
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