BoG warns public against illegal loan companies
The Bank of Ghana has cautioned the Ghanaian general public against illegal loan companies who have no license to operate in the country, hence giving a long list of those companies that are not legally licensed for operation in Ghana.
The Bank of Ghana therefore has advised that citizens stay away from these companies as they will be doing business with them at their own risk.
The list of the unlicensed entities in question are:
1. SikaPurse Quick Online loan
2. 4Cedi Instant Mobile loan application
3. Zidisha Online Loans
4. GhanaLending Application
5. ChasteLoan Application
6. LoanClub Ghana Instant Loan 7. AdamfoPa Loan
8. MetaLending- Instant Cash Loan
9. Wohiasika Loan (Ghanaloan.net)
10. Boscafie Bosea Micro-Credit
11. Sikakasa Online Lending
12. LoanPro-digital and instant loan
13. SikaWura Loan Application
14. BegyeBosea Loan
15. LendingPapa – Online Loans
16. CrestCash Loan
17. Credxter – Loans and Hire-Purchase
18. MobiLoan Application
19. Cedi Now- Cash Loans Application
In a statement issued by the BoG, the Central Bank indicated that, it is taking measures to crack the systems of the unlicensed banks that are causing discrepancies in the banking sector.
“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,” the statement warned.
Earlier this year, thus in August, Bank of Ghana pre-warned the public on the services on their illegal operations within the system and this happens to be their second warning,
“The Bank of Ghana has cautioned the public to desist from engaging the services of some 19 unlicensed entities engaged in the provision of loans to consumers.
According to the Central Bank, the operations of the institutions are in contravention of the Banks and Specialised Deposit-Taking Institutions Act, 2016.
A statement, issued by the Central Bank dated August 22, 2022 noted that these illegal entities mostly employ the use of mobile applications and social media in their activities.
The entities which are 19 in number include SikaPurse Quick Online loan, 4Cedi Instant Mobile loan application, Zidisha Online Loans, Ghana Lending Application, AdamfoPa Loan, CrestCash Loan, MobiLoan Application and Cedi Now – Cash Loans Application.
The Central Bank further stated that, “the activities of these unauthorised entities amount to non-adherence of the consumer protection requirements and an abuse of customers’ data and privacy laws”.
The Bank of Ghana, however, noted that it is taking steps to take action against these entities and thus advised the general public to report such activities.
Banks and Specialized Deposit-Taking Institutions, as well as payment service providers, are advised not to facilitate the illegal transactions of the unlicensed loan providers.
