BoG cautions public against 20 unlicensed mobile loan apps

The Bank of Ghana (BoG) has issued a warning to the public against utilizing 20 mobile loan applications that are operating without the necessary licenses or approvals from the central bank. These digital lenders are providing credit services in violation of the Directive for Digital Credit Service Providers in Ghana, and their operations pose significant risks to users.

Among the affected applications are Agile Loan, AmanaPay, CashWay, Foutou Credit, HastyCredit, InsCash, KudiNow, LendAura, Lever Credit, LoanGlide, NovaCedi, Palm Loan, PocketLoan, Rite Credit, SikaCare, SikaNow, Susu Loan, Taploan Up, Temivo Cedi, and Zatuloan. The BoG has expressed concerns over customer data privacy, consumer protection, and compliance with financial sector regulations.

The central bank is urging the public to only use financial institutions and digital credit providers that are licensed and approved by the central bank. The BoG is collaborating with relevant state agencies to identify, investigate, and take enforcement action against unlicensed operators in order to safeguard consumers and uphold the safety, integrity, and stability of the financial sector.

Brief written by urgent.news from MyJoyOnline Ghana's own syndicated text. Machine-written — may contain errors; check the original before relying on it.