The Bank of Ghana (BoG) publishes a list of unlicensed entities engaging in the provision of loans to the Ghanaian public, in contravention of the Banks and Specialized Deposit-taking Institutions Act, 2016 (Act 930).
These illegal entities mostly use mobile applications and social media in their activities to embark on their unlawful activities, the BoG says.
It amounts to non-adherence of the consumer protection requirements and an abuse of customer data and privacy laws.
Among the entities providing loan services without a license from Bank of Ghana include the following:
- 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
- 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
- Cedit Now – Cash Loans Application
Bank of Ghana is taking steps to take action against these entities and hereby advises the general public to desist from doing business with all unlicensed loan providers. Banks and Specialised Deposit-Taking Institutions as well as payment.