19 unlicensed loan providers; BoG warns public

19 unlicensed loan providers; BoG warns public

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The Bank of Ghana (BoG) has cautioned some 19 unlicensed entities providing loans to Ghanaians.

The Central Bank has asked these entities to desist from providing loans to the public. The BoG also warned the public to avoid doing business with these 19 unlicensed entities.

The Bank said it is taking steps to take action against these entities.

The BoG in a statement advised Banks and Specialised Deposit-Taking Institutions as well as payment service providers not to facilitate the illegal transactions of the unlicensed loan providers.

The Central Bank noted that the activities of these unlicensed institutions are in contravention of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

These illegal entities, according to the BoG mostly employ the use of mobile applications and social media in their activities.

“The activities of these unauthorised entities amount to non-adherence of the consumer protection requirements and an abuse of customer data and privacy laws,” the BoG said in a statement.

Below is the list of unlicensed loan providers Ghanaians must avoid;
1. SikaPurse Quick Online loan

2. 4Cedi Instant Mobile loan application

3. Zidisha Online Loans

4. GhanaLending Application

5. ChasteLoan Application

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6. LoanClub-Ghana Instant Loan

7. AdamfoPa Loan

8. MetaLending- Instant Cash Loan

9. Wohiasika Loan (

10. Boseafie – Bosea Micro-Credit

11. SikaKasa Online Lending

12. LoanPro – digital and instant loan

13. SikaWura Loan Application

14. BegyeBosea Loan

15. LendingPapa – Online Loans

16. CrestCash Loan

17. Credxter – Loans and Hire- Purchase

18. MobiLoan Application

19. Cedi Now – Cash Loans Application

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Credit: Pulse

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