Omanghana
The Bank of Ghana has cautioned members of the public against borrowing from or conducting financial transactions with 20 mobile loan applications operating without regulatory approval.
The central bank said the flagged platforms have not been authorised to provide digital credit services in Ghana and are operating in breach of the country’s Directive for Digital Credit Service Providers.
According to the BoG, the activities of the unlicensed lenders also raise concerns about customer data privacy, consumer protection and compliance with financial-sector regulations.
The applications identified by the central bank are:
- Adamfo Loan
- Agyapacredit
- Amanfi Loan
- Arco Cash
- Aya Lend
- Bucks Now
- CediGo
- CGrab
- DumboCash
- FCash
- Gh Loans
- Gh Loans Pro
- Hasty Credit
- Newgry Money Tree
- Omanpesa
- PoPoCedi
- Ready Money
- Sika Tap
- Sikapa Loan
- Zigwe Loan
The Bank of Ghana advised the public not to download the applications, apply for loans through them or provide their operators with personal and financial information.
Customers were also warned against sharing sensitive details such as Ghana Card numbers, bank account information, mobile money credentials, contact lists and identification documents with unlicensed lenders.
The central bank indicated that dealing with unauthorised credit providers could expose customers to financial losses, misuse of personal information and other abusive lending practices.
Commercial banks, Specialized Deposit-Taking Institutions and Payment Service Providers have also been directed not to process payments or facilitate transactions on behalf of unlicensed digital lenders.
The directive means regulated financial institutions and payment companies must ensure that their systems are not used to support the operations of the identified applications or other unauthorised credit providers.
The BoG said it is working with law enforcement agencies to identify the people behind the platforms, investigate their activities and pursue the necessary legal action.
Members of the public who encounter unlicensed lending applications or experience suspected misuse of their personal data have been encouraged to report the matter to the Bank of Ghana’s Fintech and Innovation Department.
Reports may be submitted at the Bank Square, 42 Castle Road, Ridge, Accra. The department can also be contacted by telephone on +233 30 273 9650 or by email at fintech@bog.gov.gh and digitalcredit@bog.gov.gh.
The Bank of Ghana urged consumers seeking digital loans to confirm that a provider has received regulatory approval before entering into any financial agreement or submitting personal information.
Source: Omanghana
