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 unlincesed 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:
Source: Peacefmonline.com
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BOG. dont tell us just close it down.
BOG is supposed to shut them down and have the directors arrested. This is the second time this bogus announcement is being made
Well said, to be forewarned is to be fore armed. Those with hard ears will still go ahead to do business with these charlatans and when they run away with their monies they now jump onto the streets with all sorts of placards calling on government to intervene by paying them their monies. Who's money is government going to use to pay you, certainly not the monies of the Ghanaian tax payer. Those who will ignore this warning and still go ahead,if they end up running away with your monies consider it as lotto. When you stake lotto and your numbers fail to drop, you don't get a refund, you lick your wounds, period.
Most of these illegal loan businesses are owned by foreigners. And the loans come with high-interest rates.