Do not take loans from these 19 institutions – BoG cautions

The Central Bank of Ghana has warned Ghanaians to avoid loans from 19 unlicensed institutions.

“The 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 Specialized Deposit-Taking Institutions Act, 2016,” it said in a statement on August 22, 2022. (Act 930). These illegal entities primarily use mobile applications and social media in their operations.”

According to BoG, the activities of these unauthorized entities constitute a violation of consumer protection requirements as well as a violation of customer data and privacy laws.

The following entities provide loan services without a licence from the Bank of Ghana:

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

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