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

READ ALSO: Global Pearson Exams: 14 Year Old Ghanaian Girl Wins World Best English Student

Written by Ghana Education News Editorial Staff

The Ghana Education News Editorial Staff is comprised of seasoned education consultants, policy analysts, and verified journalists dedicated to providing accurate, timely, and credible updates on the Ghanaian GES curriculum, WAEC updates, and academic leadership.