Beware of loan providers operating without licenses - BoG to Ghanaians

The central bank has urged Ghanaians to desist from doing business with loan providers operating without licenses in the country.

The operations of these unlicensed banks, the central bank said, were in contravention of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930).

The Bank of Ghana added that

Read full articlethese unlicensed entities mostly use mobile apps and social media for their activities.

In a press release copied to GhanaWeb, it said, "Bank of Ghana has 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 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 stated.

Below are the banks providing loan services to Ghanaians without license from the Bank of Ghana:

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

Meanwhile, the Bank of Ghana said it is taking steps to bring to book the afore-mentioned banks operating without licences.

ESA/FNOQ