The Bank of Ghana (BoG), in partnership with the Economic and Organised Crime Office (EOCO) and the Cyber Security Authority, has shut down more than 400 illegal online lending platforms operating in the country. The move is part of an ongoing effort to clean up Ghana’s digital finance space and protect consumers from unethical lending practices.
The Second Deputy Governor of the Bank of Ghana, Mrs Matilda Asante-Asiedu, made this known on Wednesday, October 15, 2025, at the 2025 Fintech Stakeholder Forum in Accra. The event, organised by MobileMoney Limited, a subsidiary of MTN Ghana, was themed “Harnessing Ghana’s Fintech Potential: A Regulatory Framework for Digital Credits and Digital Assets.”
The forum brought together regulators, fintech operators, academics, and private sector leaders to discuss digital finance regulation, ethical lending, and the future of digital assets in Ghana.
Mrs Asante-Asiedu said investigations by the Central Bank revealed that hundreds of unlicensed mobile and online lenders were exploiting consumers by charging excessive interest rates, breaching data privacy laws, and using aggressive debt collection tactics.
“These entities operated outside our regulatory framework, preying on vulnerable individuals. Their actions undermine consumer confidence and threaten the integrity of the financial system,” she said.
She explained that the BoG, EOCO, and the Cyber Security Authority conducted a joint operation to identify, block, and shut down these illegal digital lenders. The crackdown, she added, was part of a broader campaign to restore transparency, discipline, and ethical conduct in Ghana’s digital finance industry.
Mrs Asante-Asiedu noted that the BoG recently introduced new Digital Credit Service Guidelines, which took effect in September 2025. The guidelines require all digital credit providers to obtain proper licensing, disclose full loan terms — including interest rates, repayment schedules, and fees — and follow ethical lending practices.
She said the policy was designed to balance innovation and regulation by promoting responsible lending while protecting consumers. “Our goal is to build a financial system that is modern yet moral, dynamic yet disciplined, and one that truly serves the people,” she stated.
On the rise of cryptocurrency and digital assets, Mrs Asante-Asiedu disclosed that the Bank of Ghana, working with the Securities and Exchange Commission (SEC) and the Financial Intelligence Centre (FIC), had finalised a Virtual Assets Service Providers Bill. The bill will provide a legal framework for cryptocurrency exchanges and other virtual asset service providers to operate within clear regulatory boundaries.
The Deputy Governor also said the BoG was adopting Supervisory Technology (SupTech) and Regulatory Technology (RegTech) tools to enhance real-time monitoring and improve compliance in the financial sector. These tools, she said, will enable the Central Bank to detect financial risks early, strengthen data analysis, and improve regulatory efficiency.
She further emphasised the importance of financial literacy, warning that many digital borrowers were unaware of how compound interest worked or how their personal data was being used. “Financial literacy is the consumer’s shield in this new digital economy,” she said. “We will intensify education campaigns to help users know their rights, engage only with licensed platforms, and make informed borrowing decisions.”
The Chief Executive Officer of MobileMoney Limited, Mr Shaibu Haruna, praised the Bank of Ghana for its proactive steps in cleaning up the sector and ensuring a fair balance between innovation and regulation.
“At MobileMoney Limited, we believe meaningful progress happens when we engage, listen, and build together,” Mr Haruna said. “This new regulatory framework deepens inclusion while protecting consumers.”
Mr Haruna also welcomed the Central Bank’s plan to introduce a national credit scoring system next month. He said the initiative would encourage responsible borrowing, help financial institutions assess risk more accurately, and ultimately reduce the cost of credit.
“To bring down the cost of credit, we must collectively remove habitual defaulters from the system. With technology and collaboration, we can strengthen repayment culture and promote responsible lending,” he stated.
He added that MobileMoney Limited would continue to collaborate with the BoG and other stakeholders to improve transparency, compliance, and consumer confidence in Ghana’s digital lending ecosystem.
The Bank of Ghana reaffirmed that the shutdown of the illegal lending platforms was only the beginning of a wider enforcement campaign. It warned that it would continue to clamp down on any unlicensed operators undermining consumer protection, financial stability, or data privacy in the digital finance space.
