BoG cautions public against 19 unlicensed loan providers

The Bank of Ghana has warned the public not to engage the services of some 19 unlicensed entities for loans.

The Central Bank said the actions of these entities are in contravention of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

In a press statement issued on Monday, August 22, BOG revealed that they mostly employ the use of mobile applications and social media in their operations.

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Among the entities providing loan services without a licence from Bank of Ghana include SikaPurse Quick Online loan, 4Cedi Instant Mobile loan application, Zidisha Online Loans, GhanaLending Application, ChasteLoan Application, LoanClub-Ghana Instant Loan.

The Bank of Ghana said it is taking steps to take action against these entities and it advises the general public to desist from doing business with all unlicensed loan providers.