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BoG Issues Warning Against Unlicensed Loan Apps

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BoG Issues Warning Against Unlicensed Loan Apps

The Bank of Ghana (BoG) has expressed concern over 97 unauthorised firms that are lending to the public via mobile applications.

In a circular to the public, the BoG stated that the operations of these unlicensed operators are in violation of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

The BoG revealed a list of suspected unlawful companies, stating that their operations severely violate customer data and privacy rules, as well as consumer protection standards and norms, with negative ramifications for patron integrity and welfare.

Flash Cash, GhLending, Momo Cash loans, Prime Loans, Easy Access Loans, Rapidcedi, Happy Loan, Rapid Cedi, Cash Way, Agyenkwasika Personal Loan, Akwaaba Cash, Bloomcash, HelaCash, Sikakasa, Home Credit, MoLoan, New Loan Ghana, Cedi Wallet, Rapid Cedi, Sunny Cash/Sunny Loan are some of the unlicensed loan apps.

Cud Loan, Cash Wave, Fun Cash, Mbosea, Mach Ghana Loans, Ghana Loan, Loan Galaxy, Lemon Wallet, Fufucredit, Derive Cash, Koko Cash, Acorn Credit, Four Credy, PK Loans, Cedi Fie, Pro Kash, Pop Cash, Ultra Loan, Mike Cash Loan App, and Creditmall are just a few examples.

The statement, signed by the Bank’s Secretary, Sandra Thompson, thus warned the public not to do business with any unlicensed loan providers, while other banks, specialised deposit-taking institutions, and payment service providers were advised not to facilitate illegal transactions involving unlicensed loan applications.

“The general public is encouraged to patronise the various types of digital credit products approved by the Bank of Ghana and delivered by banks and specialised deposit-taking institutions in partnership with mobile money operators. These loan facilities are accessed remotely 24/7 through mobile money wallets without the need for collateral,” the release stated.

Before doing business with any institution, the general public should examine the Bank’s website for an approved list of licenced institutions.

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Power interruptions damage our enterprises; release dumsor schedule – GUTA

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GUTA is asking answers from ECG about the true reasons of the unpredictable power outages, measures to resolve the issue, and a deadline for resolution. They also requested ECG to publish a timeframe for load-shedding so that companies may organise their activities appropriately. Because of the unpredictability of power outages, many shop owners have turned to generators, which has resulted in rising fuel costs to keep them operating during outages.

The Ghana Union of Traders’ Associations (GUTA) has joined demands for the Electricity Company of Ghana (ECG) to produce a load-shedding schedule, citing the persistent power outages that are badly impacting companies and livelihoods across the nation.

GUTA issued a statement emphasising the considerable impact of the power outages on many sectors, including agriculture, trade, and industry.

According to them, firms are struggling to meet production schedules and prepare for their personnel as a result of the irregular power supply, which raises production costs and degrades living conditions.

Traders, store owners, wholesalers, tailors, dressmakers, electricians, and other artists are also suffering business losses as a result of the “Dumsor phenomenon.”

GUTA is asking for answers from ECG about the true reasons of the unpredictable power outages, measures to resolve the issue, and a deadline for resolution.

They also requested ECG to publish a timeframe for load-shedding so that companies may organise their activities appropriately.

Because of the unpredictability of power outages, many shop owners have turned to generators, which has resulted in rising fuel costs to keep them operating during outages.

Click here to read the statement

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The Foreign Affairs Ministry cautions against travelling to Northern Mali

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"The Ministry remains committed to the safety of Ghanaians and will provide updates on the security situation in the region under reference in due course," the statement went on to say. The Foreign Affairs Ministry reminded the people to always prioritise their safety when travelling.

The Ministry of Foreign Affairs and Regional Integration has advised Ghanaians not to travel to certain areas of Northern Mali.

In an official statement, the Ministry underlined recent security concerns along critical routes connecting Mali and Niger, notably in the Gao and Ansongo regions of Northern Mali.

The Ministry mentioned incidents of terrorist activity targeting travellers along these routes.

“The Ministry remains committed to the safety of Ghanaians and will provide updates on the security situation in the region under reference in due course,” the statement went on to say.

The Foreign Affairs Ministry reminded the people to always prioritise their safety when travelling.

Find the statement below:

WhatsApp Image 2024 04 26 at 19.20.01 712x1024 1 jpeg
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Gov’t settles on blue and white as new paint for basic schools

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He also announced the replacement of the brown and yellow outfits. "We are modifying the uniforms of public elementary schools across the country. The yellow and brown that you see now will go. Reformation is coming to a community near you, and you will witness it." The education minister expanded, saying that this project is part of the government's attempts to demonstrate to critics that its concentration is not exclusively on secondary education.

Dr Yaw Osei Adutwum, Minister of Education, has declared that the government intends to repaint all public basic schools in blue and white, replacing the present brown and yellow.

This programme is part of a rebranding campaign to improve the appearance of the institutions.

Dr Adutwum went on to say that this is only one of several initiatives targeted at revitalising and improving basic education in the country.

“We’re moving to blue and white. We are painting all of the schools to give them an appealing appearance. This is the revolution Ghana deserves, and it is on its way,” the minister said at a “The free SHS tale” discussion in Accra on Tuesday, April 23, 2024.

He also announced the replacement of the brown and yellow outfits.

“We are modifying the uniforms of public elementary schools across the country. The yellow and brown that you see now will go. Reformation is coming to a community near you, and you will witness it.”

The education minister expanded, saying that this project is part of the government’s attempts to demonstrate to critics that its concentration is not exclusively on secondary education.

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