The Central Bank, Bank of Ghana (BoG), has cautioned Ghanaians against 19 unlicensed institutions they shouldn’t take loans from.
BoG claims that the actions of these unlicensed parties violate data protection and privacy regulations and fail to meet consumer protection obligations. Check The Best Online Loans You Can Take In Ghana Without Collateral.
“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.” the management of the Central Bank cautioned in a statement dated August 22, 2022.
Which Institutions are Ghanaians Cautioned not to take loans from?
These 19 institutions are among those offering loans in Ghana without proper authorization from the Bank of Ghana (BoG):
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. Boseafie – 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
The Bank of Ghana (BoG) advised that the public becomes cautious of the above 19 banks or institutions and also any possible illegal transactions. You may also like How to Apply for Vodafone’s Ready Loan Services.
The general public was further urged to notify the Bank of Ghana of any suspicious behavior via the following contacts;
Financial Stability Department
Bank of Ghana
No. 1 Liberia Road
P. O. Box GP2674
Accra, Ghana
- Tel.: 030 266 5005; 059 691 2354; 050 150 2270
- Email: complaints.office@bog.gov.gh
