By Jibril Abdul Mumuni
Accra, Oct. 8, GNA – The Bank of Ghana (BoG) on Wednesday warned the public against using 20 mobile loan applications operating without its approval.
A notice issued by the Bank said the digital loan providers were offering credit services without the required licence or authorisation from the central bank.
Their activities were against the Directive for Digital Credit Service Providers in Ghana and could expose users to risks, it said.
The loan apps in contention are as Agile Loan, AmanaPay, CashWay, Foutou Credit, HastyCredit, InsCash, KudiNow, LendAura, Lever Credit, and LoanGlide.
The others are NovaCedi, Palm Loan, PocketLoan, Rite Credit, SikaCare, SikaNow, Susu Loan, Taploan Up, Temivo Cedi, and Zatuloan.
The notice said the operations of the apps raised concerns about customer data privacy, consumer protection, and compliance with financial sector regulations.
The BoG said it was continuing efforts to clean up the digital credit space and protect the public from unauthorised financial service providers.
It urged Ghanaians to deal only with financial institutions and digital credit providers that had been licensed and approved by the central bank.
The Bank said it would continue to work with relevant state agencies to identify, investigate and take enforcement action against unlicensed operators.
The move would help protect consumers and maintain the safety, integrity and stability of the country’s financial sector, it added.
GNA
Edited by Agnes Boye-Doe
Reporter: JibrilAbdulMumuni
Email: [email protected].