Accra, Ghana//-Bank of Ghana (BoG) is taking steps to take action against 19 unlicensed entities engaged in the illegal provision of loans to the Ghanaian public, in contravention of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).
Among the entities providing loan services without a licence from Bank of Ghana include:
1. SikaPurse Quick Online loan
2. 4Cedi Instant Mobile loan application
3. Zidisha Online Loans
4. GhanaLending Application
5. ChasteLoan Application
6. LoanClub-Ghana Instant Loan
7. AdamfoPa Loan
8. MetaLending- Instant Cash Loan
9. Wohiasika Loan (Ghanaloan.net)
10. Boseafie – Bosea Micro-Credit
11. SikaKasa Online Lending 12. LoanPro – digital and instant loan
13. SikaWura Loan Application
14. BegyeBosea Loan 15. LendingPapa – Online Loans 16. CrestCash Loan
17. Credxter – Loans and Hire- Purchase
18. MobiLoan Application
19. Cedi Now – Cash Loans Application
In circular signed by the Secretary of BoG, Ms Sandra Thompson, it said: “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”.
It therefore advised the banks and Specialised Deposit-Taking Institutions as well as payment service providers not to facilitate the illegal transactions of the unlicensed loan providers in and outside the country.
The BoG hereby advised the general public to desist from doing business with all unlicensed loan providers.
“The general public is further advised to visit Bank of Ghana’s website for the approved list of licensed institutions at (https://www.bog.gov.gh/supervisionregulation/all institutions/).
The public is advised to report such activities to Bank of Ghana at: Financial Stability Department of Bank of Ghana at No. 1 Liberia Road P. O. Box GP2674 Accra, Ghana; Tel.: 030 266 5005; 059 691 2354; 050 150 2270 or Email: complaints.office@bog.gov.gh”.
African Eye Report
