Business News of Saturday, 27 August 2022
Source: www.ghanaweb.live
2022-08-2719 entities you should avoid taking loans from - BoG to public
Dr. Ernest Addison is Governor of Bank of Ghana
The Bank of Ghana has asked Ghanaians to disengage from some 19 credit operators in the Ghanaian market.
The Central Bank said the entities are not licensed thus customers who transact any form of business with them do so at their own peril.
In an August 22, 2022, statement sighted by GhanaWeb, the
Read full articleBank noted that these “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).”
The statement further mentioned that these illegal entities mostly employ the use of mobile applications and social media in their activities.
“The activities of these unauthorized entities amount to non-adherence of the
consumer protection requirements and abuse of customer data and privacy
laws,” it added.
It is however not clear if there are other entities, but the Bank of Ghana list these 19 financial entities among entities providing loan services without a license from the Central Bank.
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