BoG Cautions Against Engaging Services Of 19 Unlicensed Loan Providers

The Bank of Ghana (BoG) has issued a statement to caution Ghanaians to refrain from engaging the services of 19 unlicensed loan providers.

According to the Central Bank, activities of the supposed lenders are in contravention of the Banks and Specialised Deposit-Taking Institutions Act, 2016.

These entities 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 remaining are Boseafie-Bosea Micro Credit, BegyeBosea Loan, Loan Pro Digital and Instant Loan, Lending Papa, Sikakasa Online Lending, Sikawura, Wohiasika Loan, among others.

In a statement issued on Monday, August 22, BoG indicated that they mostly employ the use of mobile applications and social media in their operations.

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”.

BoG further mentioned that it is taking steps to take action against these entities and thus advised the general public to report such activities.

Find copy of the statement below:


By Vincent Kubi