Bank of Ghana warns the public of 96 online loan apps and businesses

96 Online loan apps and businesses flagged by the Bank of Ghana as dangerous. The BoG has directed the public not to do business with these apps and businesses in their own interest.

Most of the business or loan service providers offer loans through mobile apps online. According to the BoG, such apps can steal important personal data such as bank account details, Momo PINs among others of unsuspecting public people who do business with them.

The Bank of Ghana (BoG) has cautioned the public against engaging in transactions with some 97 unlicensed entities that are engaged in the provision of loans through mobile applications to the Ghanaian public.

The Bank of Ghana has also cautioned the operators of such platforms to desist from the acts or face prosecution after investigations.

The Bank of Ghana reiterated that the activities of the 97 entities significantly breach customer data and privacy laws, as well as consumer protection requirements and norms, with unfavourable implications on the integrity and well-being of their patrons.

“Banks, Specialised Deposit-Taking Institutions, and Payment Service Providers are cautioned not to facilitate the illegal transactions of unlicensed loan applications. The general public is encouraged to patronize the various types of digital credit products approved by the Bank of Ghana and delivered by banks and specialised deposit-taking institutions in partnership with mobile money operators,” a BoG said in a statement.

The central bank assured that it will continue to take action against the entities in collaboration with relevant state agencies to promote the integrity of financial service delivery.

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It, therefore, advised the general public to desist from doing business with all unlicensed loan providers.

Bank of Ghana warns the public of 96 online loan apps and businesses

Below is the list of the first 25 entities the Bank of Ghana has warned the public about

1. Sika Bus
2. Ultra loan
3. FundCedi Ghana Loan App
4. Mika Cash Load App
5. New Loan Ghana
6. Zip Loan
7. Onloan/WantCAsh Credit Ghana App
8. Bloomcash
9. Home Credit
10. Akwaaba Cash
11. Agyenkwasika Personal Loan
12. Cash Way
13. Hello Credit
14. Sunny Cash/Sunny Loan
15. Goldminer
16. Enjoy Credit
17. Cedi Wallet
18. Pro Kash
19. Cedi Fie
20. HelaCash
21. Daily Cash
22. FiCash
23. PK Loan

The full list below…