BoG Warns Public To Desist From Doing Business With 19 Unlicensed Loan Providers
The Bank of Ghana has observed that a number of unlicensed entities are engaged in the provision of loans to the Ghanaian public, in contravention of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).
These illegal entities mostly employ the use of mobile applications and social media in their activities.
The activities of these unauthorised entities amount to non-adherence of the consumer protection requirements and an abuse of customer data and privacy laws.
Among the entities providing loan services without a licence from Bank of Ghana include the following:
Bank of Ghana is taking steps to take action against these entities and hereby advises the general public to desist from doing business with all unlicensed loan providers. Banks and Specialised Deposit-Taking Institutions as well as payment service providers are advised not to facilitate the illegal transactions of the unlicensed loan providers.
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