BoG lists 19 unlicensed entities engaged in loans; warns public not to engage them

The Bank of Ghana (BoG) has cautioned some 19 unlicensed entities engaged in the provision of loans to the Ghanaian public to desist from their action.

The Bank said it is taking steps to take action against these entities and has, thus, advises the general public to desist from doing business with all unlicensed loan providers.

The BoG in a statement advised Banks and Specialised Deposit-Taking Institutions as well as payment service providers not to facilitate the illegal transactions of the unlicensed loan providers.

The Central bank noted that the activities of these unlicensed institutions are in contravention of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

These illegal entities, according to the BoG mostly employ the use of mobile applications and social media in their activities.

“The activities of these unauthorised entities amount to non-adherence of the consumer protection requirements and an abuse of customer data and privacy laws,” the BoG said in a statement.

Among the entities providing loan services without a licence from Bank of Ghana include the following:

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

Source: Classfmonline.com