A total of 19 unauthorized businesses involved in lending money to Ghanaians have been warned by the Bank of Ghana (BoG) to stop.
The Bank advised the general public to refrain from doing business with any unlicensed loan providers and stated that it is taking efforts to act against these organizations.
In a statement, the BoG urged banks, specialized deposit-taking institutions, and payment service providers to refrain from aiding the unlawful dealings of unlicensed loan providers.
The Central Bank underlined that the Banks and Specialized Deposit-Taking Entities Act of 2016 is violated by the actions of these unlicensed institutions (Act 930).
The BoG claims that these illicit organizations mostly use social media and mobile applications in their operations.
The BoG issued a statement claiming that “the actions of these unauthorised companies amount to a violation of the consumer protection obligations and a misuse of customer data and privacy regulations.”
Read the statement below: