BoG expose 19 unlicensed companies giving out loans to the public

The Bank of Ghana (BoG) has said that, it has observed some 19 unlicensed companies giving out loans to the general public.

These 19 unlicensed entities, the Central Bank noted, mostly employ the use of mobile applications and social media in giving out loans to the public.

According to the Bank of Ghana, the activities of the 19 unlicensed entities is in contravention of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

“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 BoG added.

According to the BoG, the entities providing loan services without a license include:

• 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 Loans  

• CrestCash Loan  

• Credxter – Loans and Hire- Purchase  

• MobiLoan Application  

• Cedi Now – Cash Loans Application

Meanwhile, the Central Bank has noted that, it is taking steps to take action against these entities and therefore advises the general public to desist from doing business with all unlicensed loan providers.

The BoG has also warned banks and specialised deposit-taking Institutions as well as payment service providers not to facilitate the illegal transactions of the  unlicensed loan providers.