BoG warns public against unlicensed loan companies
The Bank of Ghana on Monday August 22, 2022 served notice indicating that it has observed that a number of unlicensed entities are engaged in the provision of loans to the Ghanaian public. BoG stated that the act is in contravention of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).
According to BoG, these illegal entities mostly employ the use of mobile applications and social media in their activities.
“The activities of these unauthorised entities amount to non-adherence of the consumer protection requirements and an abuse of customer data and privacy laws.”
Among the entities providing loan services without a licence from Bank of Ghana include the following:
- 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)
- Boseafie – Bosea Micro-Credit
- 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
- Cedi Now – Cash Loans Application.
Bank of Ghana while advising the public to disengage in dealing with these entities say it is taking steps to also effect action against these entities.
“The general public is advised to desist from doing business with all unlicensed loan providers. Banks and Specialised Deposit-Taking Institutions as well as payment service providers are advised not to facilitate the illegal transactions of the unlicensed loan providers.”
Below is the full statement.
