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Ghana News

List of unlicensed loan companies in Ghana is published by the Bank of Ghana

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A list of 97 illegal financial institutions providing lending services to Ghanaians via mobile applications has been made public by the Bank of Ghana (BoG).

The BoG urged Ghanaians not to conduct business with these organisations in a release seen by GhanaWeb because there is a chance that their information may be stolen and used for criminal purposes.

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According to Ghanaian legislation, providing credit facilities without the necessary clearance is prohibited, the central bank noted.

“The Bank reiterates that the actions of these organisations gravely violate laws governing customer data and privacy, as well as standards and regulations relating to consumer protection, with detrimental effects on the moral character and welfare of their clients.

In order to promote the integrity of financial service delivery, the Bank of Ghana would continue to take action against these businesses in coordination with the governmental agencies.

“Therefore, it is urged that the general public refrain from doing business with any unauthorised loan providers. Parts of the statement warned banks, specialised deposit-taking institutions, and payment service providers not to help facilitate illicit transactions involving unauthorised loan applications.

Therefore, the bank asked Ghanaians to contact its representatives to learn about the licenced loan operators in Ghana in order to avoid falling prey to these unlawful organisations.

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