The Central Bank has cautioned Ghanaians against taking loans from some 19 unlicensed institutions.
In a statement on August 22, 2022, it said, “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.”
According to BoG, the activities of these unauthorized entities amount to non-adherence to consumer protection requirements and abuse of customer data and privacy laws.
Among the entities providing loan services without a license from the Bank of Ghana include the following:
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 service providers are advised not to facilitate the illegal transactions of the
unlicensed loan providers.