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.
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