The Bank of Ghana has announced that it will begin accepting licensing applications from entities operating digital credit and mobile loan services from November 3, 2025, as part of efforts to regulate the rapidly expanding digital lending market.
In a notice issued on October 31, the central bank stated that all existing mobile loan applications and Digital Credit Services Providers currently operating without approval must regularise their operations by June 30, 2026. Those who fail to do so risk sanctions.
“All existing mobile loan applications and Digital Credit Services Providers currently operating without a license from the Bank of Ghana are hereby notified to regularize their operations with the Bank,” the statement read. The Bank emphasized that such firms are required to “submit the necessary documentation and meet the licensing requirements by 30th June, 2026.”
The latest directive comes amid rising public concerns over predatory lending practices, data privacy breaches, and harassment by some digital loan recovery agents. Financial analysts anticipate that the move will enhance transparency, consumer protection, and accountability within the sector.
A representative of the Bank of Ghana, speaking in the notice signed by Ag. Secretary Aimee Vyda Quashie, warned that failure to comply would attract sanctions. “Failure to comply with this Notice will result in appropriate regulatory action being taken against the non-compliant entities,” the statement noted.
The Bank encouraged operators and interested fintech firms to seek clarification and guidance from the FinTech and Innovation Office of the Bank of Ghana.
