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Vice President of IMANI Africa, Bright Simons, has labelled Sokoloan and Truecedi as two illegal financial institutions operating in Ghana.

He further said Truecedi, owned by Jain Finscap, is also an unregistered company in Ghana.

Taking to micro-blogging site, Twitter to share his grievances, Bright Simons asserted that regulators of financial institutions in the country were being inactive to chase out these illegal businesses.

“I thought the Ghanaian regulators would take cue but as with the ponzi schemes, they’re dormant. So the likes of Sokoloan have set shop in Ghana & milking new victims. One fintech called Truecedi claims to be owned by Jain Finscap. It is not even registered as a company in Gh,” Bright Simons’ tweet read.

Beware of loan providers operating without licences – BoG to Ghanaians

Meanwhile, the central bank has urged Ghanaians to desist from doing business with loan providers operating without licences in the country.

The operations of these unlicensed banks, the central bank said, were in contravention of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930).

In a press release copied to GhanaWeb, it said, “Bank of Ghana has observed that a number of unlicensed entities are engaged in the provision of loans to the Ghanaian public, in contravention of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930). 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 stated.