Public is cautioned by BoG not to use the services of 19 unlicensed loan providers.
The public has been advised by the Bank of Ghana to refrain from using the services of about 19 unregistered businesses that offer consumer loans.
The 2016 Banks and Specialized Deposit-Taking Institutions Act, according to the Central Bank, is broken by the institutions’ operations.
The Central Bank said in a statement that these criminal organizations mostly use social media and mobile applications in their operations.
SikaPurse Quick Online Loan, Zidisha Online Loans, Ghana Lending Application, AdamfoPa Loan, CrestCash Loan, MobiLoan Application, and Cedi Now – Cash Loans Application are among the 19 entities.
The Central Bank went on to say that “the acts of these unauthorised companies amount to a violation of the requirements for consumer protection and an abuse of the laws governing consumers’ data and privacy.”
The Bank of Ghana asked the general people to report such actions, noting that it is taking action against these businesses.
It is urged that banks, specialized deposit-taking institutions, and payment service providers refrain from assisting the criminal activities of unlicensed loan providers.
The whole statement is as follows:
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