This notice follows a previous notice, BG/GOV/SEC/2022/10, which addressed the issue of unlicensed entities engaged in lending.
The Bank has noticed the continued operation of unlicensed entities providing loans to the Ghanaian public through mobile applications. These activities are in direct violation of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).
It is emphasized that these unlicensed entities not only breach customer data and privacy laws but also fail to meet consumer protection requirements and norms. This poses a risk to the integrity and well-being of individuals who engage with them.
The Bank of Ghana, in collaboration with relevant state agencies, will take appropriate action against these unlicensed entities to ensure the integrity of financial service delivery. The general public is strongly advised to refrain from conducting business with any unlicensed loan providers.
Additionally, banks, specialized deposit-taking institutions, and payment service providers are cautioned against facilitating illegal transactions involving unlicensed loan applications.
To ensure consumer protection and data privacy, the public is encouraged to utilize various digital credit products approved by the Bank of Ghana. These products, delivered by licensed institutions in partnership with mobile money operators, allow for remote access 24/7 through mobile money wallets without the need for collateral.
Before engaging in any business transaction with an institution, the general public is advised to consult the Bank's website to access the approved list of licensed institutions (https://www.bog.gov.gh/supervision-regulation/all-institutions/).
Any instances of such unauthorized lending activities should be reported to the Bank of Ghana's Financial Stability Department;
Tel.: 030 266 5005; 059 691 2354; 050 150 2270
Email: [email protected]
List of Unlicensed Loan Providers in Ghana
Some of the loan applications offered on the market without a license or authorization from Bank of Ghana are:
|NO||NAME OF LOAN APP|
|17||Mach Loans Ghana|
|19||momo cash loans|
|21||Easy Access Loans|
|22||Cashpal Online Loan|
|24||Money Loan App|
|30||Cola Cash/Cash Cola|
|39||Robin Personal Loan|
|41||1 Rapid cedi|
|58||Sunny Cash/Sunny Loan|
|68||Mika Cash Loan App|
|69||New Loan Ghana|
|72||Credit Ghana App|
|76||Agyenkwasika- personal loan|