The Bank of Ghana (BoG) has warned the public not to engage the services of some 19 unlicensed entities for loans.
The Central Bank said the operations of these institutions are in contravention of the Banks and Specialised Deposit-Taking Institutions Act, 2016.
The BoG in a press statement issued on Monday, August 22, revealed that they mostly employ the use of mobile applications and social media in their operations.
These entities include SikaPurse Quick Online loan, 4Cedi Instant Mobile loan application, Zidisha Online Loans, Ghana Lending Application, AdamfoPa Loan, CrestCash Loan, MobiLoan Application and Cedi Now – Cash Loans Application.
The Central Bank further stated that, “the activities of these unauthorised entities amount to non-adherence of the consumer protection requirements and an abuse of customers’ data and privacy laws”.
The Bank of Ghana, however, noted that it is taking steps to take action against these entities and thus advised the general public to report such activities.
Latest Stories
-
Kwame Boafo Akuffo: Court ruling on re-collation flawed
16 minutes -
Samuel Yaw Adusei: The strategist behind NDC’s electoral security in Ashanti region
18 minutes -
I’m confident posterity will judge my performance well – Akufo-Addo
30 minutes -
Syria’s minorities seek security as country charts new future
1 hour -
Prof. Nana Aba Appiah Amfo re-appointed as Vice-Chancellor of the University of Ghana
1 hour -
German police probe market attack security and warnings
1 hour -
Grief and anger in Magdeburg after Christmas market attack
1 hour -
Baltasar Coin becomes first Ghanaian meme coin to hit DEX Screener at $100K market cap
2 hours -
EC blames re-collation of disputed results on widespread lawlessness by party supporters
2 hours -
Top 20 Ghanaian songs released in 2024
3 hours -
Beating Messi’s Inter Miami to MLS Cup feels amazing – Joseph Paintsil
3 hours -
NDC administration will reverse all ‘last-minute’ gov’t employee promotions – Asiedu Nketiah
3 hours -
Kudus sights ‘authority and kingship’ for elephant stool celebration
3 hours -
We’ll embrace cutting-edge technologies to address emerging healthcare needs – Prof. Antwi-Kusi
4 hours -
Nana Aba Anamoah, Cwesi Oteng special guests for Philip Nai and Friends’ charity event
4 hours