List of Unlicensed Loan apps operating illegally in Ghana.

Loan apps operating illegally in Ghana
Loan apps operating illegally in Ghana.

Loan apps operating illegally in Ghana.

The Bank of Ghana (BoG) has issued a list of 97 financial entities operating without licenses and providing loan services to Ghanaians through mobile apps.

In a statement issued, the BoG cautioned against engaging in business with these entities due to the risk of personal information theft and potential involvement in criminal activities.

According to the central bank, offering loans without the necessary approval is illegal under Ghanaian law.

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The Bank of Ghana explained in the statement released that the activities of these unlicensed entities’ activities violate customer data and privacy laws and disregard consumer protection requirements and norms, posing unfavourable implications for the well-being and trust of their customers.

The Bank intends to take action against these entities in collaboration with relevant state agencies to ensure the integrity of financial service delivery.

In light of this situation, the general public is strongly advised to refrain from conducting business with unlicensed loan providers.

Furthermore, banks, specialized deposit-taking institutions, and payment service providers are cautioned against facilitating illegal transactions involving these unauthorized loan applications, as stated in the release.

To safeguard themselves from falling victim to these illicit entities, the bank encourages Ghanaians to contact its officials to inquire about licensed loan operators in Ghana.

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Check The List Below:

Loan apps operating illegally in Ghana.
Loan apps operating illegally in Ghana.

Read Full Statement Below: