The BoG advises against borrowing money from these 19 institutions.

Ghanaians have been warned by the Central Bank not to borrow money from 19 unauthorised institutions.

The BoG advises against borrowing money from these 19 institutions.

On August 22, 2022, it issued a statement that read, “The Bank of Ghana has noted that certain unlicensed organisations are giving loans to Ghanaians in violation of the 2016 Banks and Specialized Deposit-Taking Institutions Act (Act 930). These criminal organisations mostly use social media and mobile technologies in their operations.”

The BoG claims that the actions of these illegal businesses amount to a violation of consumer protection rules and a violation of laws governing client data and privacy.

The following organisations are among those offering lending services without a licence from the Bank of Ghana:

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Eric Palmer

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