Bank of Ghana releases list of unlicensed loan entities in Ghana

The Bank of Ghana (BoG) has released a list of 97 unlicensed financial entities offering loan services through mobile apps to Ghanaians.

In a release sighted by GhanaWeb, the BoG warned Ghanaians not to engage in business with these entities because of the risk of their information being stolen and used for criminal activities.

The central bank explained that offering loan facilities without the required approval is illegal according to the laws of Ghana.

“The Bank reiterates that the activities of these entities significantly breach customer data and privacy laws, as well as consumer protection requirements and norms, with unfavourable implications on the integrity and wellbeing 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.

“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,” parts of the statement read.

The bank, therefore, urged Ghanaians to get in touch with its officials to know the licensed loan operators in Ghana so that they do not become victims of these illegal entities.

View the list of 97 unlicensed loan apps plus the full list statement of the BoG below: