The Bank of Ghana (BoG) has issued a warning to the public, urging them to avoid engaging with 97 unlicensed financial institutions that offer loans through mobile applications. The Central Bank has also cautioned commercial banks, Specialised Deposit-taking Institutions, and Payment Service Providers against facilitating illegal transactions involving these unlicensed loan providers.
These unlicensed entities have been operating persistently, granting loans accessed remotely through mobile money wallets without requiring collateral. The Bank of Ghana states that such activities are in violation of the Specialised Deposit-taking Institutions Act, 2016 (Act 930), and also contravene customer data and privacy laws, as well as customer protection requirements and norms.
It is essential for individuals and businesses to exercise caution and ensure they only deal with licensed and regulated financial institutions to protect their interests. Engaging with unlicensed loan providers poses risks to consumers, including potential data breaches and inadequate consumer protection.
The Bank of Ghana has provided a list of the 97 mobile apps associated with these unlicensed loan providers. It is crucial for individuals to verify the legitimacy of any loan provider they intend to engage with and to report any suspicious or fraudulent activities to the appropriate authorities.
Please refer to the provided list for the names of these unlicensed loan provider apps.
