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.
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