Regularize operations by June 2026 or face shutdown-BoG to mobile loan operators

The Bank of Ghana (BoG) has issued a strict directive to all unlicensed mobile loan and digital credit providers operating in the country to regularise their activities by June 30, 2026, or risk regulatory sanctions, including suspension and shutdown.

The central bank announced that effective November 3, 2025, it will begin receiving licensing applications from companies seeking to operate as Digital Credit Services Providers (DCSPs) under newly introduced licensing and compliance guidelines.

According to the BoG, the new framework is part of its broader regulatory overhaul aimed at promoting consumer protection, market transparency, and ethical conduct in Ghana’s rapidly expanding digital lending industry.

The directive follows mounting concerns over the uncontrolled growth of unregulated online lenders, many of whom have been accused of predatory interest rates, data privacy violations, and abusive debt collection methods.

The BoG urged all existing operators to submit the necessary documentation to its FinTech and Innovation Office for vetting and approval well before the June 2026 deadline.

This move is expected to streamline Ghana’s fintech credit ecosystem, enhance consumer confidence, and ensure that digital lending aligns with national financial inclusion and data protection objectives.

The Bank reaffirmed its commitment to fostering innovation within a disciplined regulatory environment, signalling a shift towards a more structured and accountable digital finance landscape in Ghana.