BoG flags 20 unlicensed mobile loan apps, warns public
By DL News
Published
Updated
1 min read
According to the central bank, the affected digital lenders are providing credit services in breach of the Directive for Digital Credit Service Providers in Ghana.
The Bank of Ghana has cautioned the public against dealing with 20 mobile loan applications that it says are operating without the required licence or approval.
According to the central bank, the affected digital lenders are providing credit services in breach of the Directive for Digital Credit Service Providers in Ghana.
The Bank said the activities of the unlicensed platforms could expose customers to risks relating to data privacy, consumer protection and compliance with financial sector regulations.
The applications named by the BoG are Agile Loan, AmanaPay, CashWay, Foutou Credit, HastyCredit, InsCash, KudiNow, LendAura, Lever Credit, LoanGlide, NovaCedi, Palm Loan, PocketLoan, Rite Credit, SikaCare, SikaNow, Susu Loan, Taploan Up, Temivo Cedi and Zatuloan.
Members of the public have therefore been advised to obtain digital credit only from financial institutions and loan providers that have been duly licensed or approved by the Bank of Ghana.
The central bank said it is working with relevant state agencies to identify and investigate unlicensed digital lenders and take the appropriate enforcement action against them.
According to the BoG, the intervention is intended to safeguard consumers while protecting the integrity, safety and stability of Ghana’s financial system.
