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The Bank of Ghana (BoG) has warned the public regarding 97 unlicensed organizations that offer loans through mobile applications, advising against engaging in any transactions with them.
In an announcement on Wednesday, the Central Bank cautioned the individuals behind such platforms to cease their unlawful operations or face potential legal action following an investigation.
It stressed that the actions of these 97 entities contravened regulations about customer data, privacy, consumer protection, and standard practices, which could adversely affect the well-being and integrity of their customers.
The Bank of Ghana declared its commitment to collaborating with relevant government agencies to take measures against these businesses to uphold the integrity of financial service provision.
The statement from BoG also cautioned banks, specialized deposit-taking institutions, and payment service providers against facilitating illegal transactions associated with unlicensed loan applications. It further encouraged the general public to use the approved digital credit products the Bank of Ghana offers, delivered through partnerships between banks, specialized deposit-taking institutions, and mobile money operators.
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Source: Omanghana.com
