The Bank of Ghana is taking steps to take action against unlicensed entities engaged in the provision of loans to the Ghanaian public.
BoG observed that a number of unlicensed entities are engaged in the provision of loans to the Ghanaian public, in contravention of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930}.
These illegal entities, BoG noticed, mostly employ the use of mobile applications and social media in their activities.
The entities include, SikaPurse Quick Online loan, 4Cedi Instant Mobile loan application, Zidisha Online Loans, GhanaLending Application ChasteLoan Application, LoanClub-Ghana Instant Loan, AdamfoPa Loan and MetaLending-Instant Cash Loan, Wohiasika Loan (Ghanaloan.net), Boseafie-Bosea Micro-Credit, SikaKasa Online Lending, LoanPro – digital and instant loan.
Others are SikaWura Loan Application, BegyeBosea Loan, LendingPapa – Online Loans, CrestCash Loan, Credxter – Loans and HirePurchase, MobiLoan Application and Cedi Now-Cash Loans Application.
In a statement, the BOG said the activities of these unauthorised entities amount to non-adherence of the consumer protection requirements and an abuse of customer data and privacy laws.
It therefore cautioned the public to desist from transacting business with such entities while it takes action against them.
“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 Specialised Deposit-Taking Institutions as well as payment,” BoG stated.
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