Bank of Ghana cautions public against 97 unlicensed loan Apps in Ghana

The Bank of Ghana (BoG) has warned the public against the operation of some online Apps operating without authorization.

97 of such applications have thus been cited for engaging in unlicensed lending activities in contravention of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (930).

“The Bank of Ghana reiterated that the activities of these entities significantly breach customer data and privacy laws as well as consumer protection requirements and norms with unfavorable implications on the integrity and wellbeing of their patrons”, according to a statement from the Central Bank.

The general public has been advised to consult the Bank’s website for the approved list of licenses institutions, before transacting any business with an institution.