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.
