BoG cautions public against 97 illegal loan Apps

The Bank of Ghana (BoG) is cautioning the public against patronizing the services of some 97 illegal mobile apps mainly on Google Play Store which offer loans without regulatory approval.

The central bank had earlier published a list of 19 of such illegal digital lenders, but that does not seem to have deterred those 19 and scores more from operating, since some gullible Ghanaians continue to patronize them.

In a statement, the BoG said “Further to Bank of Ghana notice number BG/GOV/SEC/2022/10 on Unlicensed Entities Engaged in Lending, the Bank has observed the persistent operation of unlicensed entities that are engaged in the provision of loans through mobile applications to the Ghanaian public, in contravention of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).”

It noted that none of the 97 loan applications offered on the market have a license or authorisation from Bank of Ghana.

The Bank reiterated 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.

What BoG is referring to is the practice by those illegal digital lenders where they capture very private details from the mobile phones of applicants and also use unconventional means such as reaching out to random person’s in the applicants contact list to inform them that the applicant took a loan and used them as guarantors.

The digital lenders also charge ridiculous interests of up to 80% in two weeks, in some instances.

Some of them hide behind pseudo names to sign on to regulated financial institutions as merchants so they can use those institutions for settlements.

BoG said it will 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,” it said.

The Central Bank also encouraged Ghanaians 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.

It said the approved loan facilities are accessed remotely 24/7 through mobile money wallets without the need for collateral.

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.

BoG cautions public against 97 illegal loan Apps

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Dr. Ernest Addison, Governor – Bank of Ghana

The Bank of Ghana (BoG) is cautioning the public against patronizing the services of some 97 illegal mobile apps mainly on Google Play Store which offer loans without regulatory approval.

The central bank had earlier published a list of 19 of such illegal digital lenders, but that does not seem to have deterred those 19 and scores more from operating, since some gullible Ghanaians continue to patronize them.

In a statement, the BoG said “Further to Bank of Ghana notice number BG/GOV/SEC/2022/10 on Unlicensed Entities Engaged in Lending, the Bank has observed the persistent operation of unlicensed entities that are engaged in the provision of loans through mobile applications to the Ghanaian public, in contravention of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).”

It noted that none of the 97 loan applications offered on the market have a license or authorisation from Bank of Ghana.

The Bank reiterated 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.

What BoG is referring to is the practice by those illegal digital lenders where they capture very private details from the mobile phones of applicants and also use unconventional means such as reaching out to random person’s in the applicants contact list to inform them that the applicant took a loan and used them as guarantors.

The digital lenders also charge ridiculous interests of up to 80% in two weeks, in some instances.

Some of them hide behind pseudo names to sign on to regulated financial institutions as merchants so they can use those institutions for settlements.

BoG said it will 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,” it said.

The Central Bank also encouraged Ghanaians 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.

It said the approved loan facilities are accessed remotely 24/7 through mobile money wallets without the need for collateral.

“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. All Institutions – Bank of Ghana (bog.gov.gh)

Find the list of 97 illegal digital lending app below:

1. DatesCash

2. FiCash

3. Sikadua

4. Flash Cash

5. Accra

6. GhLending

7. MoLoan

8. Rapidcedi

9. 100 Cedi

10. Cedi Help

11. Mascedi Consult

12. Cediboom

13. CashLoanPro

14.Aircash

15. Akwaaba Payment

16. FourCredy

17. Ghanalending

18. AcornCredit

19. Gana Loan

20. Mach Loans Ghana

21. Mbose

22. Sika Bus

23. Ultra Loan FundCedi Ghana

24. Loan App

25. Mika Cash Loan App

26. New Loan Ghana

27. Zip Loan Onloan/WantCAsh

28. Credit Ghana App

29. Bloomcash

30. Home Credit

31. Akwaaba Cash Agyenkwasika

32. Personal loan

33. Cash Way

34. Momo cash loans

35. Prime Loans

35. Easy Access Loans

37. Cashpal Online Loan

38. Happy Loan

39. Money Loan App

40. Plus Loan

41. Mega Credit

42. Boeing Cash

43. Lemon Wallet

44. Koko Cash

45. Cola Cash/Cash Cola

46. Rapid money

47. Cash Star

48. Loan Galaxy

49. Bitcash

50. Ukash

Ukash

51. Funcash

52. HelloCedi Sunny Cash/Sunny

53. Loan

54. Goldminer

55. Enjoy Credit

56. Cedi Wallet

57. Pro Kash

58. Cedi Fie

59. HelaCash

60. Daily Cash

61. PK Loans

62. Quick Cash

63. True Cedi

64. Robin Personal Loan

65. Kudi Credit

66. 1 Rapid cedi

67. Cedistory

68. Steadycash

69. Soft kash

70. Easy Kash

71. Boseapa

72. YooCash

73. Fufucredit

74. TopCredit

75. DeriveCash

76. Eagle Cash

77. Cash wave

78. cud loan

79. smatloan

80. LoanPapa

81. CoolCash

82. MoLoan

83. Rapid Cedi

84. cedifie

85. MOCO

86. Sikakasa

87. Chasteloan

88. Joy Cash

89. Cocoaloan

97. Popcash

91. Loan hub

92. Creditmall

93. cedipros

94. Momcash

95. GETwallet

96. Keeploan

97. CashCocoa

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