Bank of Ghana cautions public against 20 unlicensed mobile loan apps
The Bank of Ghana (BoG) has warned the public against using 20 mobile loan applications operating without its approval. The post Bank of Ghana cautions public against 20 unlicensed mobile loan apps appeared first on Ghana Business News .
The Bank of Ghana (BoG) has issued a caution to the public against using 20 mobile loan applications that operate without their approval. These unlicensed digital lenders are providing credit services without the necessary licence or authorization from the central bank, contravening the Directive for Digital Credit Service Providers in Ghana.
The affected applications include 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, urging the public to only use financial institutions and digital credit providers that are licensed and approved by the central bank.
The central bank is collaborating with relevant state agencies to identify, investigate, and take enforcement action against these unlicensed operators, aiming to protect consumers and maintain the safety, integrity, and stability of the financial sector.
Brief written by urgent.news from Ghana Business News's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
