The Bank of Ghana (BoG) has warned the public not to engage the services of some 19 unlicensed entities for loans.
The Central Bank said the operations of these institutions are in contravention of the Banks and Specialised Deposit-Taking Institutions Act, 2016.
The BoG in a press statement issued on Monday, August 22, revealed that they mostly employ the use of mobile applications and social media in their operations.
The entities which are 19 in number include Sika Purse Quick Online loan, 4Cedi Instant Mobile loan application, Zidisha Online Loans, Ghana Lending Application, AdamfoPa Loan, CrestCash Loan, MobiLoan Application and Cedi Now – Cash Loans Application.
The Central Bank further said “the activities of these unauthorised entities amount to non-adherence of the consumer protection requirements and an abuse of customers’ data and privacy laws”.
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“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 unlicensed loan providers. Banks and Specialized Deposit-Taking Institutions, as well as payment service providers are advised to facilitate the illegal transactions of the unlicensed loan providers,” it explained.
It advised the public to visit its website www.bog.gov.gh/supervision-regulation/all to see the list of licensed institutions.
Again, it urged the public to report such activities.
Source: Business Ghana