The Bank of Ghana has released the names of some unlicensed lending entities.
The notice issued by the central bank to the attention of the public and licensed financial institutions captured the names of ninety-seven (97) unlicensed entities.
The bank said it observed that the 97 unlicensed lending companies were persistently engaged in the provision of loans through mobile applications to the Ghanaian public.
The activities of these unlicensed lending companies were in contravention of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).
”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 said.
The BoG assured the public that it would continue to take action against entities in collaboration with relevant state agencies to promote the integrity of financial service delivery.
It encouraged the public to patronise the services of only licensed digital credit products approved by the Bank of Ghana.
Read the full list of the unlicensed entities below