19 Institutions you shouldn’t take loans from – BoG Cautions

Bank of Ghana (BOG)

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.

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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

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