BoG cautions Ghanaians about 97 illegal loan apps

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The Bank of Ghana (BoG) has warned the public to be wary of online Apps operating without license.

97 of such applications have thus been cited for engaging in unlicensed lending activities in contravention of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (930).

“The Bank of Ghana reiterated that the activities of these entities significantly breach customer data and privacy laws as well as consumer protection requirements and norms with unfavorable implications on the integrity and well-being of their patrons”, according to a statement from the Central Bank.
The general public has been advised to consult the Bank’s website for the approved list of licenses institutions, before transacting any business with an institution.

Below are the unlicensed entities:

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