By Jibril Abdul Mumuni
Accra, Nov. 5, GNA – The Bank of Ghana (BoG) has cautioned the public against using 20 digital loan applications operating without the requisite regulatory authorisation.
The applications are providing digital credit services in breach of the Directive for Digital Credit Service Providers in Ghana, raising concerns about consumer protection and data privacy.
The Central Bank, in a notice issued jointly with the Cyber Security Authority (CSA), said investigations had established that the operators were offering credit services without the required regulatory approval.
The affected applications are Active Loan, Boafo Cash, Cediln, Fair Moni, Fast Loan, Halo Loan, Jmoney, Kredi, KudiNow, LendJet, MeCedi, NhyiraCash, Palcash, Quick Eazzy, SikaFlow, SikaNea, Swift Lending, TrustCredit GH, Velzo and Zedvance.
“The operations of these entities constitute significant violations of customer data privacy, consumer protection and established regulatory standards,” the notice stated.
The BoG said the activities of the operators could expose consumers to risks relating to data privacy and consumer protection.
A review of some websites linked to the listed entities showed that certain platforms continued to advertise financial and business-related services.
A platform associated with SikaFlow advertised online business registration services and required users to provide business details and GPS location information to access its marketplace services.
Another website linked to Quick Eazzy advertised loans ranging from 1,000 to 20,000 units, with interest rates between 18 and 34 per cent and repayment periods of up to 180 days.
The Central Bank said it would continue to collaborate with relevant state institutions to identify, investigate and take enforcement action against unauthorised operators.
It also advised banks, specialised deposit-taking institutions and payment service providers not to facilitate transactions on behalf of unlicensed digital lenders.
The BoG urged the public to report the activities of unauthorised digital loan providers to the BoG.
GNA
Edited by Kenneth Sackey
Reporter: Jibril Abdul Mumuni
Email: [email protected]