BoG flags 19 entities for unauthorised lending

The Bank of Ghana has flagged 19 illegal money lending institutions and advised the public to cease doing business with them.
This followed an observation that a number of unlicensed entities are engaged in providing loans to the Ghanaian public, in contravention of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

“These illegal entities mostly employ mobile applications and social media in their activities,” the bank noted.
In a notice to the public and all financial institutions, the Central Bank said these unauthorised entities’ activities amount to non-adherence to the consumer protection requirements and abuse of customer data and privacy laws.

The 19 unlicensed entities and their online platforms include SikaPurse Quick Online Loan, 4Cedi Instant Mobile Loan Application, Zidisha Online Loans, GhanaLending Application, ChasteLoan Application and LoanClub-Ghana Instant Loan.
Others are AdamfoPa Loan, MetaLending-Instant Cash Loan, Wohiasika Loan (, Boseafie – Bosea Micro-Credit, SikaKasa Online Lending, LoanPro – digital and instant loan, and SikaWura Loan Application.

The rest are BegyeBosea Loan, LendingPapa – Online Loans, CrestCash Loan, Credxter – Loans and Hire-Purchase, MobiLoan
and Cedi Now – Cash Loans Application.

“Banks and specialised deposit-taking institutions, as well as payment service providers, are advised not to facilitate the illegal transactions of the unlicensed loan providers” the notice read.
The bank assured the public that it was taking steps to take action against these entities.

Related Posts

Leave a Reply


Aluworks Plc

Aluworks Plc limited is an aluminum continuous casting and cold rolling mill located at the port City of Tema, Ghana.

View Business »

Micheletti & Co. Ltd

Micheletti & Co. Ltd. Is one of Ghana’s leading Civil Engineering and Building Construction Companies operating for over 50 years in the range of skills and resources and provides clients with a comprehensive service

View Business »

Bentry Company Limited

Bentry Company Limited is an indigenous African Engineering Construction, Logistics and Oilfield Services company that provides a wide range of specialized services to the Power, Oil & Gas, Marine

View Business »

Welcome Back!

Login to your account below

Create New Account!

Fill the forms below to register

Retrieve your password

Please enter your username or email address to reset your password.