Bank of Ghana provides list of entities providing loan services without license

The Bank of Ghana (BoG) has provided a list of entities that are providing loan services without the approval from the Regulator.

The BoG said the actions of these entities are in contravention of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930). 

The central bank described these entities as ‘illegal’ that 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, the BoG said in a statement on Monday August 22.

Among the entities providing loan services without a licence from Bank of Ghana 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, Wohiasika Loan (Ghanaloan.net), 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, Cedi Now – Cash Loans Application.

The regulator said it is taking steps to take action against these entities as it advises the general public to desist from doing business with all unlicensed loan providers. 

“Banks and Specialised Deposit-Taking Institutions as well as payment service providers are advised not to facilitate the illegal transactions of the unlicensed loan providers,” the statement said.

Source: 3news