Ghanaians have been warned by the Central Bank not to borrow money from 19 unauthorized institutions.

On August 22, 2022, it issued a statement that read,

“Bank of Ghana has observed that a number of unlicensed entities are engaged in the provision of loans to the Ghanaian public, in contravention of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

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These illegal entities mostly employ the use of mobile applications and social media in their activities.”

The BoG claims that the actions of these illegal businesses amount to a violation of consumer protection rules and a violation of laws governing client data and privacy.

The following organizations are among those offering lending services without a license from the Bank of Ghana:

1. SikaPurse Quick Online loan

2. 4Cedi Instant Mobile loan application

3. Zidisha Online Loans

4. GhanaLending Application

5. BegyeBosea Loan

6. LendingPapa – Online Loans

7. CrestCash Loan

8. Credxter – Loans and Hire- Purchase

9. MobiLoan Application

10. Cedi Now – Cash Loans Application

11. ChasteLoan Application