Stop Business with These 19 Unlicensed Loan Entities – BoG Warns

Stop Business with These 19 Unlicensed Loan Entities – BoG Warns

The Bank of Ghana has cautioned the general public to desist from doing business with some nineteen(19) unlicensed loan providers.

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 Specialized Deposit-Taking Institutions Act, 2016 (Act 930).

According to the State regulator, these illegal entities mostly employ the use of mobile applications and social media in their activities.

“The activities of these unauthorised entities amount to non-adherence of the consumer protection requirements and an abuse of customer data and privacy laws,” it said in a statement.

Among the entities providing loan services without a license from Bank of Ghana include the following as listed below: