The Bank of Ghana (BoG) has cautioned unlicensed entities that are engaged in the provision of loans through mobile applications to the Ghanaian public.
The central bank said this was in contravention of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).
In a notice, the BoG said it would continue to take action against these entities in collaboration with relevant state agencies to promote the integrity of financial service delivery.
“The general public is therefore advised to desist from doing business with all unlicensed loan providers. Banks, Specialised Deposit-Taking Institutions and Payment Service Providers are cautioned not to facilitate the illegal transactions of unlicensed loan applications.
“The Bank reiterates that the activities of these entities significantly breach customer data and privacy laws, as well as consumer protection requirements and norms, with unfavourable implications on the integrity and wellbeing of their patrons,” the notice pointed out.
The BoG also encouraged the public to patronise the various types of digital credit products approved by Bank of Ghana and delivered by banks and specialised deposit-taking institutions in partnership with mobile money operators.
“The general public is advised to consult the Bank’s website using the link below for the approved list of licensed institutions, before transacting any business with an institution,” it stated.
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