Don’t deal with unlicensed loan firms – BoG cautions public against 20 loan apps
The Bank of Ghana has strongly advised the public not to engage with unlicensed loan providers. This follows the operations of 20 mobile loan applications without the requisite license or authorisation from the central Bank. In a communique, the Central Bank reiterated that the operations of these entities constitute significant violations of customer data privacy, […]
The Bank of Ghana has issued a stern warning to the public against engaging with unlicensed loan firms, following the operation of 20 mobile loan applications without the necessary license or authorization from the central bank. In a statement, the Central Bank emphasized that such activities are significant violations of customer data privacy, consumer protection, and regulatory standards.
The bank assured that it will work with relevant state institutions to identify, investigate, and enforce sanctions against these entities to ensure the safety and stability of the financial sector. The general public is advised not to engage with unlicensed loan providers, and banks and payment service providers are cautioned against facilitating transactions with them.
The Central Bank urges the public to report any knowledge of unlicensed loan providers to the bank, which will continue to take measures to protect consumers from unauthorized digital credit services. These actions are in direct violation of the Directive for Digital Credit Service Providers in Ghana, issued in September 2025.
Written by urgent.news from MyJoyOnline Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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