BoG to take action against 19 unlicensed loan providers
"The activities of these unauthorised entities amount to non-adherence of the consumer protection requirements and an abuse of customer data and privacy laws."
The Bank of Ghana (BoG), says it will be taking action against some 19 unlicensed loan providers.
In a notice dated August 22, 2022, the Central Bank said the entities operated in contravention of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) and customer data and privacy laws.
“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.
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 service providers, are advised not to facilitate the illegal transactions of the unlicensed loan providers,” it said.
The 19 institutions are; 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, and MobiLoan Application.
The rest are; 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 and Cedi Now – Cash Loans Application.
