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The Bank of Ghana cautions the general public to avoid doing business with 19 lending firms that are operating without a license.

  • Rapheal
  • Sept 8, 2022

Nineteen illegal companies offering loans to Ghanaians have been exposed by the Bank of Ghana. In a statement, the Bank noted that this was against the 2016 Banks and Specialized Deposit-Taking Institutions Act (Act 930).

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The Bank of Ghana cautions the general public to avoid doing business with 19 lending firms that are operating without a license.

Nineteen illegal companies offering loans to Ghanaians have been exposed by the Bank of Ghana. In a statement, the Bank noted that this was against the 2016 Banks and Specialized Deposit-Taking Institutions Act (Act 930).

The Central Bank underlined that these unauthorised businesses' actions amount to a violation of consumer protection rules and a violation of regulations governing customer data and privacy. The Central Bank issued a statement advising the general people to cease their operations and those already conducting business to cease their directives.

“These illegal entities mostly employ the use of mobile applications and social media in their activities. The 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 unlicenced loan providers. Banks and Specialised Deposit-Taking Institutions, as well as payment service providers, are advised not to facilitate the illegal transactions of unlicenced loan providers.”

Among the entities providing loan services without a license from the Bank of Ghana are, SikaPurse Quick Online loan; 4Cedi Instant Mobile loan application; Zidisha Online Loans; GhanaLending Application; ChasteLoan Application; LoanClub-Ghana Instant Loan; AdamfoPa Loan MetaLending- Instant Cash Loan; Wohiasika Loan (Ghanaloan.net); and Boseafie – Bosea Micro-Credit.

The other nineteen unlicensed lending entities include SikaKasa Online Lending, LoanPro - digital and instant loans, SikaWura Loan Application, BegyeBosea Loan, LendingPapa - Online Loans, CrestCash Loan, Credxter - Loans and Hire-Purchase, MobiLoan Application, and Cedi Now - Cash Loans Application.

Thus, the central bank is warning the general public not to engage in these kinds of transactions with these institutions because they do so at their own risk.