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Further to Bank of Ghana notice number BG/GOV/SEC/2022/10 on Unlicensed Entities Engaged in Lending, the central bank has said it has observed the persistent operation of unlicensed entities that are engaged in the provision of loans through mobile applications to the Ghanaian public, in contravention of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).
The Bank said that the activities of these entities significantly breach customer data and privacy laws, as well as consumer protection requirements and norms, with unfavourable implications on the integrity and wellbeing of their patrons.
Bank of Ghana will continue to take action against these entities in collaboration
with relevant state agencies to promote the integrity of financial service delivery.
The general public is therefore advised to desist from doing business with all unlicensed loan providers. Banks, Specialised Deposit-Taking Institutions and Payment Service Providers are cautioned not to facilitate the illegal transactions of unlicensed loan applications.
The general public is encouraged to patronise the various types of digital credit
products approved by Bank of Ghana and delivered by banks and specialised
deposit-taking institutions in partnership with mobile money operators.
These loan facilities are accessed remotely 24/7 through mobile money wallets without
the need for collateral.
NOTICE NO. – BOG-GOV-SEC-2023-07 – NOTICE TO LICENSED FINANCIAL INSTITUTIONS AND THE PUBLIC – LENDING ACTIVITY BY UNLICENSED ENTITIES
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