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According to the Central Bank, the operations of the institutions are in contravention of the Banks and Specialised Deposit-Taking Institutions Act, 2016.
It said these illegal entities mostly employ the use of mobile applications and social media in their activities.
The entities which are 19 in number include SikaPurse Quick Online loan, 4Cedi Instant Mobile loan application, Zidisha Online Loans, Ghana Lending Application, AdamfoPa Loan, CrestCash Loan, MobiLoan Application and Cedi Now – Cash Loans Application.
The rest are LoanClub-Ghana Instant Loan, AdamfoPa Loan, MetaLending- Instant Cash Loan, Wohiasika Loan (Ghanaloan.net), as well as Boseafie – Bosea Micro-Credit
The Central Bank further stated that “the activities of these unauthorised entities amount to non-adherence of the consumer protection requirements and an abuse of customers’ data and privacy laws”.
The Bank of Ghana, however, noted that it is taking steps to take action against these entities and thus advised the general public to report such activities.
Again, it urged the public to report such activities. Below is an official letter from THE BANK OF GHANA