The Bank of Ghana (BoG) has named 20 more mobile loan apps it says are giving out loans without a licence, in a public notice dated Monday, November 2, 2026, and warned Ghanaians not to borrow from them.
The apps on the new list include SikaFlow, NhyiraCash, Boafo Cash, Fair Moni, KudiNow and Zedvance. The central bank said they are operating in breach of its Directive for Digital Credit Service Providers in Ghana, issued in September 2025.
It is the fourth batch of 20 unlicensed loan apps the BoG has published since August 2026, which means at least 80 apps have now been publicly flagged in about three months.
The notice, signed by the Bank’s Secretary, Aimeve Vyda Quashie, was reported on Tuesday by Graphic Online, Citi Newsroom and MyJoyOnline.
Full list of the 20 unlicensed loan apps named by BoG
The apps named in the November 2 notice are:
- Active Loan
- Boafo Cash
- Cediln
- Fair Moni
- Fast Loan
- Halo Loan
- Jmoney
- Kredi
- KudiNow
- LendJet
- MeCedi
- NhyiraCash
- Palcash
- Quick Eazzy
- SikaFlow
- SikaNea
- Swift Lending
- TrustCredit GH
- Velzo
- Zedvance
Anyone currently using one of these apps is advised to stop dealing with it and to confirm a lender’s licensing status with the Bank of Ghana before taking any loan.
Why the Bank of Ghana flagged the loan apps
According to the BoG, the operations of the unlicensed lenders involve “significant violations of customer data privacy, consumer protection, and established regulatory standards.”
The Bank said it “strongly advised the general public not to engage with unlicensed loan providers.”
It added that it is working with the Cyber Security Authority (CSA) to clean up the digital credit space, and will keep working with other state institutions to identify, investigate and take enforcement action against illegal operators.
Banks and mobile money providers told not to process payments
The notice also targets the payment channels the apps rely on to disburse and collect loans.
Banks, Specialised Deposit-Taking Institutions (SDIs) and Payment Service Providers (PSPs) have been cautioned against facilitating or processing transactions on behalf of the unlicensed loan providers.
PSPs include the mobile money platforms many loan apps use to send cash to borrowers and take repayments.
BoG unlicensed loan apps list: how the November notice compares
The November list follows three earlier notices issued under the same September 2025 directive, roughly one a month since August:
- August 3, 2026: 20 apps named, including Adamfo Loan, CediGo, Gh Loans and Sika Tap.
- September 9, 2026: 20 apps named, including Cash Cedi, CreditGo, MoniLend and Zoom Advance.
- October 6, 2026: 20 apps named, including Agile Loan, KudiNow, NovaCedi and PocketLoan.
- November 2, 2026: 20 apps named, including SikaFlow, NhyiraCash, Boafo Cash and Zedvance.
- Total since August: at least 80 apps across four notices.
One name, KudiNow, appears on both the October and November lists. GhanaTrends reported the October batch in BoG Names 20 More Unlicensed Loan Apps, Taking Flagged Apps to 60 Since August.
What the loan app warning means for borrowers
Loan apps offer quick cash with little paperwork, which makes them popular with traders, students and salary workers who need short-term money.
But unlicensed lenders operate outside BoG supervision. Borrowers who deal with them have little regulatory protection if their personal data is misused or the terms of a loan are unfair.
The BoG’s warning focuses on data privacy and consumer protection, the same issues behind many public complaints about some digital lenders’ handling of borrowers’ contacts and information.
How to report an unlicensed loan app to BoG
The BoG has asked the public to report information on unlicensed loan operators to the Head of its Fintech and Innovation Department at Bank Square, Ridge, Accra.
According to Graphic Online, reports can also be made by calling or texting the short code 292, or by email.
What happens next
The central bank said it will continue working with the Cyber Security Authority and other state agencies to investigate the flagged operators and apply “appropriate regulatory enforcement measures.”
The notice did not state specific fines or sanctions. With a new list published roughly every month since August, more names could be added in the coming weeks.
Key details at a glance
- Who: Bank of Ghana, in a notice signed by its Secretary, Aimeve Vyda Quashie
- When: Notice dated November 2, 2026; reported November 3
- What: 20 mobile loan apps operating without a licence or authorisation
- Rule breached: Directive for Digital Credit Service Providers in Ghana (September 2025)
- Total flagged since August: At least 80 apps in four notices
- Partners: Cyber Security Authority and other state institutions
- Report via: BoG Fintech and Innovation Department or short code 292
FAQs
Which loan apps did the Bank of Ghana ban in November 2026?
The BoG named Active Loan, Boafo Cash, Cediln, Fair Moni, Fast Loan, Halo Loan, Jmoney, Kredi, KudiNow, LendJet, MeCedi, NhyiraCash, Palcash, Quick Eazzy, SikaFlow, SikaNea, Swift Lending, TrustCredit GH, Velzo and Zedvance as unlicensed.
How do I know if a loan app is licensed in Ghana?
Check the Bank of Ghana’s list of licensed institutions and its public notices before borrowing. Any app named in a BoG warning notice is operating without the required licence.
How can I report an illegal loan app in Ghana?
Report it to the Bank of Ghana’s Fintech and Innovation Department at Bank Square, Ridge, Accra, or call or text 292.
The Bank of Ghana’s latest notice adds 20 more names, including SikaFlow, NhyiraCash and Zedvance, to its growing list of unlicensed loan apps, bringing the total flagged since August to at least 80. Borrowers are urged to avoid the apps, check a lender’s licence first and report illegal operators, as the BoG and Cyber Security Authority step up enforcement in the digital credit market.
