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