• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Banking & Finance

Bank of Ghana Intensifies Crackdown on Illegal Lending Apps Amid Rising Consumer Protection Concerns 

11 months ago
in Banking & Finance, Business, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
64
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Bank of Ghana Intensifies Crackdown on Illegal Lending Apps Amid Rising Consumer Protection Concerns 

The Bank of Ghana (BoG) has intensified its crackdown on illegal lending apps that have been employing threatening tactics against loan defaulters, in a bid to protect the integrity of the financial sector.

The central bank has underscored that it is a criminal offense for these apps to intimidate borrowers by threatening to expose their personal data and photographs—an alarming practice that has, in some cases, led to tragic outcomes, including suicide.

Speaking at the MTN Ghana Mobile Money @15 Fintech Stakeholders’ Forum, Kwame Oppong, Director of Fintech at the BoG, issued a stern warning that the central bank will not tolerate unauthorized financial products that pose a risk to the stability of the financial system.

“Nothing should be introduced in this country that causes instability in the financial sector and somehow puts the integrity of the economy at risk. Secondly, nothing should come into the country that somehow jeopardizes the livelihoods of individuals and businesses,” Mr Oppong stated.

He condemned the predatory behavior of some digital lenders, particularly those that resort to public shaming as a method of debt collection.

“It is unthinkable to threaten people because they have defaulted on loans. Those illegal lending apps that share borrowers’ pictures online—how is this a way to do business? It is unacceptable to push people to the brink by threatening to expose them publicly,” he remarked.

RelatedPosts

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

The BoG, in collaboration with the Economic and Organised Crime Office (EOCO) and other security agencies, has already taken action, conducting a series of raids that resulted in the arrest of over 200 individuals, including foreign nationals, involved in these illicit activities.

At the same event, Shaibu Haruna, Chief Executive of Mobile Money Limited, reiterated MTN’s commitment to bolstering safety measures and expanding public education on mobile money fraud, in an effort to enhance customer trust.

The MTN Mobile Money @15 Fintech Stakeholders’ Forum, themed “Building Trust and Cooperation Among Stakeholders; How to Maximize the Impact of Emerging Technologies for the Promotion of Financial Inclusion,” convened key industry players to discuss the role of emerging technologies in the financial sector and to explore ways to strengthen regulatory frameworks to build trust among users and stakeholders.

Tags: Bank of GhanaBank of Ghana Intensifies Crackdown on Illegal Lending Apps Amid Rising Consumer Protection ConcernsConsumer Protection ConcernsIllegal Lending Apps

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

No Result
View All Result

Highlights

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

Banking Sector Soundness Remains Robust in 2024 Amid Strong Profitability, Adequate Capital Buffers

Sha’Carri Richardson Withdraws from US Trials Following Arrest

From Singuluma to El Kaabi: Can CHAN 2024 Unleash the Next Hat-trick Hero?

Ghana to Welcome King’s Baton Relay on August 8 Ahead of 2026 Commonwealth Games

Trending

Features

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

August 2, 2025

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes Parliament has adjourned...

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

August 2, 2025

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

August 2, 2025

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

August 2, 2025
Bank of Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

August 2, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.