The Bank of Ghana (BoG) has warned the public against doing business with the country’s 19 unlicensed loan firms.
The entities are operating illegally, according to a statement issued by the BOG on Monday, August 22, 2022.
“The Bank of Ghana has observed that a number of unlicensed entities are providing loans to Ghanaians in violation of the Banks and Specialised Deposit-Taking Institutions Act, 2016” (Act 930). “These illegal entities primarily use mobile applications and social media in their activities,” according to the statement.
According to BOG, the activities of these unauthorized entities constitute a violation of consumer protection requirements as well as an abuse of customer data and privacy laws.
“The Bank of Ghana is taking action against these entities and advises the general public to avoid doing business with all unlicensed loan providers.” It is strongly advised that banks, specialized deposit-taking institutions, and payment service providers do not facilitate the illegal transactions of unlicensed loan providers.
The general public is also advised to visit the Bank of Ghana’s website for the approved list of licensed institutions at (https://www.bog.gov.gh/supervisionregulation/allinstitutions/), the Bank of Ghana said.
The unlicensed firms listed by BOG are listed below.
1. Sikapurse Quick Online Loan
2. A 4Cedi Instant Mobile Loan Application
3. Zidisha Online Loans
4. Ghana Lending Application
5. Chaste Loan Application
6. LoanClub-Ghana Instant Loan
7. Adamfopa Loan
8. MetaLending—Instant Cash Loan
9. Wohiasika Loan (Ghanaloan.net)
10. Boseafie – Bosea Micro-Credit
11. SikaKasa Online Lending
12. LoanPro: – digital and instant loan
13. SikaWura Loan Application
14. Begye Bosea Loan
15. LendingPapa – Online Loans
16. CrestCash Loan
17. Credxter – Loans and Hire- Purchase
18. MobiLoan Application
19. Cedi Now – Cash Loans Application
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