{"id":1188220,"date":"2022-08-23T20:07:08","date_gmt":"2022-08-23T20:07:08","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/08\/23\/bog-warns-against-working-with-illegal-loan-companies\/"},"modified":"2022-08-23T20:07:08","modified_gmt":"2022-08-23T20:07:08","slug":"bog-warns-against-working-with-illegal-loan-companies","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/08\/23\/bog-warns-against-working-with-illegal-loan-companies\/","title":{"rendered":"BoG warns against working with illegal loan companies."},"content":{"rendered":"<p><\/p>\n<div>\n<article>\n<p><img decoding=\"async\" src=\"http:\/\/www.ghanamma.com\/wp-content\/uploads\/2022\/08\/aca989887b664a6c9133883bfbe83450\"\/><\/p>\n<p>The Bank of Ghana (BoG) has warned the public against doing business with the country&#8217;s 19 unlicensed loan firms.<\/p>\n<p>The entities are operating illegally, according to a statement issued by the BOG on Monday, August 22, 2022.<\/p>\n<p>&#8220;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&#8221; (Act 930). &#8220;These illegal entities primarily use mobile applications and social media in their activities,&#8221; according to the statement.<\/p>\n<p>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.<\/p>\n<p>&#8220;The Bank of Ghana is taking action against these entities and advises the general public to avoid doing business with all unlicensed loan providers.&#8221; It is strongly advised that banks, specialized deposit-taking institutions, and payment service providers do not facilitate the illegal transactions of unlicensed loan providers.<\/p>\n<p>The general public is also advised to visit the Bank of Ghana&#8217;s website for the approved list of licensed institutions at (https:\/\/www.bog.gov.gh\/supervisionregulation\/allinstitutions\/), the Bank of Ghana said.<\/p>\n<p>The unlicensed firms listed by BOG are listed below.<\/p>\n<p><span style=\"color: rgb(34, 34, 34);\">1. Sikapurse Quick Online Loan<\/span><\/p>\n<p><span style=\"color: rgb(34, 34, 34);\">2. A 4Cedi Instant Mobile Loan Application<\/span><\/p>\n<p><span style=\"color: rgb(34, 34, 34);\">3. Zidisha Online Loans<\/span><\/p>\n<p><span style=\"color: rgb(34, 34, 34);\">4. Ghana Lending Application<\/span><\/p>\n<p><span style=\"color: rgb(34, 34, 34);\">5. Chaste Loan Application<\/span><\/p>\n<p><span style=\"color: rgb(34, 34, 34);\">6. LoanClub-Ghana Instant Loan<\/span><\/p>\n<p><span style=\"color: rgb(34, 34, 34);\">7. Adamfopa Loan<\/span><\/p>\n<p><span style=\"color: rgb(34, 34, 34);\">8. MetaLending\u2014Instant Cash Loan<\/span><\/p>\n<p><span style=\"color: rgb(34, 34, 34);\">9. Wohiasika Loan (Ghanaloan.net)<\/span><\/p>\n<p><span style=\"color: rgb(34, 34, 34);\">10. Boseafie \u2013 Bosea Micro-Credit<\/span><\/p>\n<p><span style=\"color: rgb(34, 34, 34);\">11. SikaKasa Online Lending<\/span><\/p>\n<p><span style=\"color: rgb(34, 34, 34);\">12. LoanPro: \u2013 digital and instant loan<\/span><\/p>\n<p><span style=\"color: rgb(34, 34, 34);\">13. SikaWura Loan Application<\/span><\/p>\n<p><span style=\"color: rgb(34, 34, 34);\">14. Begye Bosea Loan<\/span><\/p>\n<p><span style=\"color: rgb(34, 34, 34);\">15. LendingPapa \u2013 Online Loans<\/span><\/p>\n<p><span style=\"color: rgb(34, 34, 34);\">16. CrestCash Loan<\/span><\/p>\n<p><span style=\"color: rgb(34, 34, 34);\">17. Credxter \u2013 Loans and Hire- Purchase<\/span><\/p>\n<p><span style=\"color: rgb(34, 34, 34);\">18. MobiLoan Application<\/span><\/p>\n<p><span style=\"color: rgb(34, 34, 34);\">19. Cedi Now \u2013 Cash Loans Application<\/span><\/p>\n<p>Content created and supplied by: @NanaKwame (via  Opera<br \/>\nNews )<\/p>\n<\/article>\n<p class=\"copyright hide\">\n<span class=\"content\">    ,  .   ,     .       () , , , , , , , , .      \/ ,  and\/or  .     ,  , and\/or  ,      and\/or     <\/span><br \/>\n<span class=\"see-more\"><\/span>\n<\/p>\n<section class=\"tags\">\nBOG<br \/>\nBank of Ghana<br \/>\nBoG<br \/>\n<\/section>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Bank of Ghana (BoG) has warned the public against doing business with the country&#8217;s 19 unlicensed loan firms. The entities are operating illegally, according to a statement issued by the BOG on Monday, August 22, 2022. &#8220;The Bank of Ghana has observed that a number of unlicensed entities are providing loans to Ghanaians in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1188221,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[1084,1537,4981,659,170,1225],"class_list":["post-1188220","post","type-post","status-publish","format-standard","has-post-thumbnail","category-top-stories","tag-bog","tag-companies","tag-illegal","tag-loan","tag-warns","tag-working"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1188220","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1188220"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1188220\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1188220"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1188220"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1188220"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}