BoG publishes list of unlicensed entities engaging in illegal loan services; warns public to stay away

The Bank of Ghana (BoG) is taking steps to deal with unlicensed financial entities providing illegal loan services to unsuspecting Ghanaians.

In a press release from the Central Bank, it has published the names of all 19 entities engaging in the illegal act mostly through the use of online platforms.

While noting that it is taking steps to deal with such entities, the Bank of Ghana has warned the general public not to engage in any form of business with them.

“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,” part of a BoG statement reads.

The Central Bank explains that the activities of these unauthorised entities amount to non-adherence to the consumer protection requirements and an abuse of customer data and privacy laws.

Among the entities published by BoG include, SikaPurse Quick Online loan, 4Cedi Instant Mobile loan application, Zidisha Online Loans, GhanaLending Application, and ChasteLoan Application

The rest are LoanClub-Ghana Instant Loan, AdamfoPa Loan, MetaLending- Instant Cash Loan, Wohiasika Loan (Ghanaloan.net), as well as Boseafie – Bosea Micro-Credit

Find more in the BoG release below;