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).
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
12. LoanClub-Ghana Instant Loan
13. AdamfoPa Loan
14. MetaLending- Instant Cash Loan
15. Wohiasika Loan (Ghanaloan.net)
16. Boseafie – Bosea Micro-Credit
17. SikaKasa Online Lending
18. LoanPro – digital and instant loan
19. SikaWura Loan Application
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Conclusion
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