Even though unlicensed loan applications are prohibited by the Bank of Ghana (BoG), many nevertheless operate unlawfully and take advantage of needy borrowers. In addition to charging outrageous interest rates, these applications infringe on users' privacy by obtaining their national identification documents and threatening loan defaulters by calling their phone numbers.

 The public was cautioned against using 97 unauthorized loan apps by the BoG in June 2023. To prevent data breaches and financial fraud, the central bank of Ghana advises citizens to always use regulated organizations when seeking financial services.

Antcredit, miniloan, KCash, Beanloan, Bestloan, Taploan, Cashgrab, Creditbag, Hasty credit, Creditmax, InsCash, lever credit, Molocredit, Moni wave, mumu money, pea money, Pop loan, Spark loan, loanbase, Sun loan, Wohia, and urgent money are the complete list of unlicensed loan applications. Always use the BoG website to confirm a lender's validity and report any illicit lending activities for your own protection. For assistance, call the BoG at 030 266 5005; 059 691 2354; or 050 150 2270. You can also reach them at complaints.office@bog.gov.gh.