19 unlicensed institutions you don’t have to take loan from- BoG warns Ghanaians

The public has been warned by the Central Bank of Ghana not to borrow money from 19 unauthorized institutions which have been listed below.

A statement to this effect was shared by BoG which reads; “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 Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

These illegal entities mostly employ the use of mobile applications and social media in their activities. The activities of these unauthorized entities amount to non-adherence to consumer protection requirements and abuse of customer data and privacy laws.”

See below for these unlicensed financial institutions;

1. SikaPurse Quick Online loan

19. Cedi Now – Cash Loans Application