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‘Don’t take loans from these 19 institutions’-Bank of Ghana warns Ghanaians

kingcyrusonline December 10, 2022

0 1 minute read

Black hands holding 3D rendered 200 Ghanaian cedi notes. closeup of Hands holding Ghanaian currency notes

The Central Bank of Ghana has sent a word of caution Ghanaians against taking loans from some 19 unlicensed institutions.

It stated emphatically that the Ghanaian citizenry should be wary doing business with such institutions.

In a statement on August 22, 2022, it read, “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 BoG claims that the actions of these illegal businesses amount to a violation of consumer protection rules and a violation of laws governing client data and privacy.

The following organizations are among those offering lending services without a license from the Bank of Ghana:

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1. SikaPurse Quick Online loan

2. 4Cedi Instant Mobile loan application

3. Zidisha Online Loans

4. GhanaLending Application

5. ChasteLoan Application

6. LoanClub-Ghana Instant Loan

7. AdamfoPa Loan

8. MetaLending- Instant Cash Loan

9. Wohiasika Loan (Ghanaloan.net)

10. Boseafie – Bosea Micro-Credit

11. SikaKasa Online Lending

12. LoanPro – digital and instant loan

13. SikaWura Loan Application

14. BegyeBosea Loan

15. LendingPapa – Online Loans

16. CrestCash Loan

17. Credxter – Loans and Hire- Purchase

18. MobiLoan Application

19. Cedi Now – Cash Loans Application

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 Specialized Deposit-Taking Institutions as well as payment service providers are advised not to facilitate the illegal transaction of unlicensed loan providers.

The general public is further advised to visit Bank of Ghana’s website for the approved list of licensed institutions at https://www.bog.gov.gh/supervision-regulation/allinstitutions/

Citizens are urged to report such activities to 0302665005, 0596912354, and 0501502270 or via e-mail: complaints.office@bog.gov.gh

Read the statement below;