The Bank of Ghana (BoG) has released a list of organizations that are illegally offering lending services.
According to the BoG, such organizations’ conduct is illegal under the Banks and Specialized Deposit-Taking Institutions Act, 2016. (Act 930).
The bank has labeled as “illegal” those organizations whose primary means of operation are mobile apps and social media.
The BoG issued a statement on Monday, August 22nd, calling the actions of these unauthorized businesses a violation of consumer protection obligations and a violation of the privacy and data laws protecting customers.
SikaPurse Quick Online Loan, 4Cedi Instant Mobile Loan Application, Zidisha Online Loans, GhanaLending Application, ChasteLoan Application, LoanClub-Ghana Instant Loan, and many more all provide loans without being authorized by the Bank of Ghana.
Loans from AdamfoPa, MetaLending, Wohiasika, Boseafie, SikaKasa, and Instant Cash from Wohiasika (Ghanaloan.net)
SikaWura Loan Application, BegyeBosea Loan, LendingPapa Online Loans, CrestCash Loan, Credxter Loans and Hire-Purchase, MobiLoan Application, Cedi Now Cash Loans Application, LoanPro Digital and Instant Loan, and Cedi Now Cash Loans Application.
The agency has warned consumers not to work with any loan providers that aren’t properly licensed.
“Banks and Specialised Deposit-Taking Institutions as well as payment service providers are warned not to enable the illicit activities of the unlicensed loan providers,” the statement read.BOG-Notice-BG-GOV-SEC-2022-10-UNLICENSED-ENTITIES-ENGAGED-IN-LENDING-22-08-2022