By 
The Bank of Ghana (BoG) has issued a stern notice regarding the persistently growing number of unlicensed entities offering loans through mobile applications to the Ghanaian populace. These entities, a total of 97 as reported by the BoG, are operating without the necessary licenses or authorizations, flagrantly violating the stipulations of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).
In a resolute move, the BoG underscores that the activities of these unlicensed loan providers not only infringe upon financial regulations but also expose customer data and privacy laws to significant risks. Furthermore, these entities disregard consumer protection protocols and standards, potentially jeopardizing the financial stability and security of their clientele.
With a steadfast commitment to upholding the integrity of financial service provision, the BoG firmly commits to taking stringent measures against these unlicensed entities, in close cooperation with relevant state bodies. The central bank simultaneously issues a strong caution to the public against participating in any financial transactions with these unlicensed loan providers.
Additionally, financial institutions including banks, specialised deposit-taking institutions, and payment service providers are admonished against facilitating illicit transactions with these unlicensed loan platforms. The BoG firmly urges financial entities to adhere strictly to regulatory frameworks and exclusively support transactions with duly licensed entities, thereby guaranteeing the security and financial well-being of their customers.
To facilitate informed decisions, the general public is advised to consult the Bank’s official website through the following link for an updated list of approved and licensed institutions before engaging in any financial dealings: (https://www.bog.gov.gh/supervision-regulation/allinstitutions/)
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