BoG Uncovers 19 “Unlicensed” Lending Entities

The Bank of Ghana (BoG) has published the names of nineteen (19) “unlicensed” lending entities operating in Ghana via social media and mobile applications.

They include 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; and Wohiasika Loan (Ghanaloan.net)

The rest are Boseafie – Bosea Micro-Credit; SikaKasa Online Lending; LoanPro – digital and instant loan; SikaWura Loan Application; BegyeBosea Loan; LendingPapa – Online Loans; CrestCash Loan, Credxter – Loans and Hire- Purchase; MobiLoan Application; and Cedi Now – Cash Loans Application.

The Central bank says the business “activities of these unauthorised entities amount to non-adherence of the consumer protection requirements and an abuse of customer data and privacy laws”.

The Bank has therefore advised the general public against transacting with these entities.

It also cautioned Banks and Specialised Deposit-Taking Institutions as well as payment service providers against facilitating the illegal transactions of the unlicensed loan providers.

“The general public is further advised to visit Bank of Ghana’s website for the approved list of licensed institutions at (https://www.bog.gov.gh/supervisionregulation/all institutions/)”, the Bank said.

Source: opemsuo.com/Hajara Fuseini