The Bank of Ghana (BoG) has warned the public against doing any form of transaction with some 97 unlicensed entities that are engaged in the provision of loans through mobile applications to the public.
The Central Bank also cautioned the operators of such platforms to desist from the acts or face prosecution after investigations.
It reiterated that the activities of the 97 entities significantly breach customer data and privacy laws, as well as consumer protection requirements and norms, with unfavourable implications on the integrity and well-being of their patrons.
“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,” BoG said in a statement.
The Central Bank assured that it will continue to take action against the entities in collaboration with relevant state agencies to promote the integrity of financial service delivery.
It, therefore, advised the general public to desist from doing business with all unlicensed loan providers.