BoG warns public about 19 entities engaging in unlicensed lending services

The Bank of Ghana warns the public against unlicensed entities engaged in providing consumer loans in violation of the Banks and Specialized Depository Institutions Act 2016.

According to the Central Bank, these illegal entities mainly use the use of mobile applications and social media in their activities.

The 19 entities include SikaPurse Quick Online Loan, 4Cedi Instant Mobile Loan Application, Zidisha Online Loans, Ghana Loan Application, AdamfoPa Loan, CrestCash Loan, MobiLoan Application and Loan Application cash Cedi Now.

The Central Bank further stated that “the activities of these unauthorized entities constitute a failure to comply with consumer protection requirements and an abuse of customer data and privacy laws.”

“The Bank of Ghana is taking steps to take action against these entities and hereby advises the general public to refrain from doing business with all unlicensed loan providers. Banks and specialized depository institutions, as well as payment service providers are advised to facilitate illegal transactions by unlicensed loan providers,” he explained.

He advised the public to visit his website to see the list of approved establishments.

Again, he urged the public to report such activity.

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