Accra, June19, GNA – The Bank of Ghana (BoG) has asked the citizenry to desist from dealing with some 97 unlicensed financial institutions advertising products, including loans.
The Central Bank also cautioned commercial banks, Specialised Deposit-taking Institutions and Payment Service Providers not to facilitate the illegal transactions of the unlicensed loan institutions that operated through mobile applications (apps).
It encouraged the public to patronise digital credit products approved by Bank of Ghana and delivered by banks and specialised deposit-taking institutions in partnership with mobile money operators.
In a press release, the Bank said it had observed that there had been persistent operations of such unlicensed entities whose loan facilities were accessed remotely through mobile money wallets without the need for collateral.
Such activities, the Bank said, was in contravention with the Specialised Deposit-taking Institutions Act, 2016 (Act 930), a breach of customer data and privacy laws, and customer protection requirements and norms.
The Bank also said the activities had unfavourable implications on the integrity and wellbeing of patrons and urged the public to adhere to the relevant consumer protection and data privacy laws.
Below is the full list of the entities.
GNA