Do not do business with these 19 unlicensed loan providers: – BoG warns.

The Bank of Ghana (BoG) has advised the public not to borrow money from 19 unauthorized companies.

The 2016 Banks and Specialized Deposit-Taking Institutions Act, according to the Central Bank, is broken by the way these institutions operate.

The BoG announced that they primarily use social media and mobile applications in their activities in a press release released on Monday, August 22.

These entities include SikaPurse Quick Online loan, 4Cedi Instant Mobile loan application, Zidisha Online Loans, Ghana Lending Application, AdamfoPa Loan, CrestCash Loan, MobiLoan Application and Cedi Now – Cash Loans Application.

The Central Bank further stated that, “the activities of these unauthorised entities amount to non-adherence of the consumer protection requirements and an abuse of customers’ data and privacy laws”.

The Bank of Ghana asked the general people to report such actions, noting that it is taking action against these businesses.

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