BoG warns public against Quick Cash, Rapid Loans, 95 other unlicensed loan applications

Bank of Ghana Governor, Dr. Ernest Addison

The Bank of Ghana (BoG) has warned the public against over 90 mobile applications giving loans without authorisation.

Such applications have thus been cited for engaging in unlicensed lending activities in contravention of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (930).

The entities numbering 97 in total include Quick Cash, Rapid Loan, Kudi Credit, Soft Cash, Easy Cash, and the like.

In its release, BoG said it has observed the persistent operation of unlicensed entities that are engaged in the provision of loans through mobile applications to the Ghanaian public, in contravention of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

“The Bank reiterates that the activities of these entities significantly breach customer data and privacy laws, as well as consumer protection requirements and norms, with unfavourable implications on the integrity and wellbeing of their patrons,” the Bank of Ghana said in its release on Wednesday, June 14.

It added, “The general public is therefore advised to desist from doing business with all unlicensed loan providers. Banks, Specialised Deposit-Taking Institutions, and Payment Service Providers are cautioned not to facilitate the illegal transactions of unlicensed loan applications.”

The Central Bank has vowed to take action against these entities in collaboration with relevant state agencies to promote the integrity of financial service delivery.

Meanwhile, the general public is encouraged to patronise the various types of digital credit products approved by Bank of Ghana and delivered by banks and specialised deposit-taking institutions in partnership with mobile money operators.