The Bank of Ghana (BoG) has blacklisted 20 mobile loan applications operating without licences and warned the public against dealing with them.
In a public notice, the central bank revealed that the identified loan applications are operating in contravention of the Directive for Digital Credit Service Providers in Ghana.
Some part of the statement reads:
“The operations of the identified entities constitute significant violations of customer data privacy, consumer protection requirements and established regulatory standards. The public is advise not to engage with these unlicensed loan providers and banks, Specialised Deposit-Taking Institutions (SDIs), and Payment Service Providers (PSPs) and should stop facilitating or processing transactions on behalf of such providers.
The 20 unlicensed loan applications include Agile Loan, CashWay, Foutou Credi, HastyCredit, InsCash, LendAura, Lever Credit, LoanGlide, Nova Cedi, Palm Loan, PocketLoan, Rite Credit, SikaCare, SikaNow, Susu Loan, Taploan Up, Temivo Cedi, Zatuloan”
This forms part of BOG’s ongoing efforts to sanitise the digital credit market and protect consumers from unlicensed lending activities.
