Bank of Ghana (BoG) in a notice (BG/GOV/SEC/2022/10) has announced a ban on unlicensed entities operating the provision of loans to the public.Ghana’s bank said it 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 Specialised Deposit-Taking Institutions Act, 2016 (Act 930).
“These illegal entities mostly employ the use of mobile applications and social media in their activities. The activities of these unauthorised entities amount to non-adherence of the consumer protection requirements and an abuse of customer data and privacy laws.” the notice stated
BoG listed these entities as follows :
- SikaPurse Quick Online loan
- 4Cedi Instant Mobile loan application
- Zidisha Online Loans
- GhanaLending Application
- ChasteLoan Application
- LoanClub-Ghana Instant Loan
- AdamfoPa Loan
- MetaLending- Instant Cash Loan
- Wohiasika Loan (Ghanaloan.net)
- Boseafie – Bosea Micro-Credit
- SikaKasa Online Lending
- LoanPro – digital and instant loan
- SikaWura Loan Application
- BegyeBosea Loan
- LendingPapa – Online Loan
- CrestCash Loan
- Credxter – Loans and Hire- Purchase
- MobiLoan Application
- Cedi Now – Cash Loans Application
The general public has been advised to desist from doing business with all unlicensed loan providers. and is further advised to visit Bank of Ghana’s website for approved list of licensed institutions and report such activities to the Bank of Ghana via their email
Banks and Specialized Deposit-Taking Institutions as well as payment service providers have also been advised not to facilitate the illegal transactions of the unlicensed loan providers.