The Bank of Ghana is going after 19 unlicenced entities engaged in the provision of loans to the Ghanaian public.
The Bank in a statement revealed that this is in contravention of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).
The BoG observed that the activities of these unauthorised entities amount to non-adherence to the consumer protection requirements, and are an abuse of customer data and privacy laws.
“These illegal entities mostly employ the use of mobile applications and social media in their activities.
“The Bank of Ghana is taking steps to take action against these entities, and hereby advises the general public to desist from doing business with all unlicenced loan providers. Banks and Specialised Deposit-Taking Institutions, as well as payment service providers, are advised not to facilitate the illegal transactions of unlicenced loan providers,” it stated.
The entities providing loan services without a licence from the Bank of Ghana are: SikaPurse Quick Online loan; 4Cedi Instant Mobile loan application; Zidisha Online Loans; GhanaLending Application; ChasteLoan Application; LoanClub-Ghana Instant Loan; AdamfoPa Loan MetaLending- Instant Cash Loan; Wohiasika Loan (Ghanaloan.net); and Boseafie – Bosea Micro-Credit
The other unlicensed entities as noted by the Bank are SikaKasa Online Lending; LoanPro – digital and instant loan; SikaWura Loan Application; BegyeBosea Loan; LendingPapa – Online Loans; CrestCash Loan; Credxter – Loans and Hire- Purchase; MobiLoan Application; and Cedi Now – Cash Loans Application.
The central bank by this statement is public to desist from conducting such kinds of business with these institutions, as they do so at their own risk.