Do not take loans from these 97 unlicensed online loan apps – BoG warns

The Bank of Ghana has warned against taking loans from over 97 unlicensed online loan applications.

According to the Central Bank, the influx of these loan apps is in contravention of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

The bank said it had observed the persistent operation of unlicensed entities that are engaged in the provision of loans through mobile applications to the Ghanaian public.

The Bank reiterated that the activities of these entities significantly breach customer data and privacy laws, as well as consumer protection requirements and norms, with unfavourable implications for the integrity and well-being of their patrons.

Bank of Ghana will continue to take action against these entities in collaboration with relevant state agencies to promote the integrity of financial service delivery.

In a statement issued on June 14, 2023, the BoG said, “The general public is therefore advised to desist from doing business with all unlicensed loan providers. Banks, Specialised Deposit-Taking Institutions, and Payment Service Providers are cautioned not to facilitate the illegal transactions of unlicensed loan applications.”

Some of the loan applications offered on the market without a license or authorization from the Bank of Ghana are: