BoG cautions public against engaging services of 19 unlicensed loan providers

Dr Ernest Addison is the Governor of the Bank of Ghana.

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The Bank of Ghana (BoG) has warned the public not to engage the services of some 19 unlicensed entities for loans.

The Central Bank said the operations of these institutions are in contravention of the Banks and Specialised Deposit-Taking Institutions Act, 2016.

The BoG in a press statement issued on Monday, August 22, revealed that they mostly employ the use of mobile applications and social media in their operations.

These entities include SikaPurse Quick Online loan, 4Cedi Instant Mobile loan application, Zidisha Online Loans, Ghana Lending Application, AdamfoPa Loan, CrestCash Loan, MobiLoan Application and Cedi Now – Cash Loans Application.

Governor of the Bank of Ghana, Dr. Ernest Addison

The Central Bank further stated that, “the activities of these unauthorised entities amount to non-adherence of the consumer protection requirements and an abuse of customers’ data and privacy laws”.

The Bank of Ghana, however, noted that it is taking steps to take action against these entities and thus advised the general public to report such activities.

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Ernest Addison