Bank of Ghana issues warning against unlicensed loan providers

June 14, 2023

The has released a notice, BG/GOV/SEC/2023/07, directed to all licensed financial institutions and the general public regarding lending activities by unlicensed entities.

This notice follows a previous notice, BG/GOV/SEC/2022/10, which addressed the issue of unlicensed entities engaged in lending.

The Bank has noticed the continued operation of unlicensed entities providing loans to the Ghanaian public through mobile applications. These activities are in direct violation of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

It is emphasized that these unlicensed entities not only breach customer data and privacy laws but also fail to meet consumer protection requirements and norms. This poses a risk to the integrity and well-being of individuals who engage with them.

The Bank of Ghana, in collaboration with relevant state agencies, will take appropriate action against these unlicensed entities to ensure the integrity of financial service delivery. The general public is strongly advised to refrain from conducting business with any unlicensed loan providers.

Additionally, banks, specialized deposit-taking institutions, and payment service providers are cautioned against facilitating illegal transactions involving unlicensed loan applications.

To ensure consumer protection and data privacy, the public is encouraged to utilize various digital credit products approved by the Bank of Ghana. These products, delivered by licensed institutions in partnership with operators, allow for remote access 24/7 through mobile money wallets without the need for collateral.

Before engaging in any business transaction with an institution, the general public is advised to consult the Bank's website to access the approved list of licensed institutions (https://www.bog.gov.gh/supervision-regulation/all-institutions/).

Any instances of such unauthorized lending activities should be reported to the Bank of Ghana's Financial Stability Department;
Tel.: 030 266 5005; 059 691 2354; 050 150 2270
Email: [email protected]

List of Unlicensed Loan Providers in Ghana

Some of the loan applications offered on the market without a license or authorization from Bank of Ghana are:

NONAME OF LOAN APP
1Flash Cash
2
3GhLending
4MoLoan
5Rapidcedi
6100 
7Cedi Help
8Mascedi Consult
9Cediboom
10CashLoan Pro
11Aircash
12Akwaaba Payment
13FourCredy
14Ghanalending
15Acorn Credit
16Gana Loan
17Mach Loans Ghana
18Mbosea
19momo cash loans
20Prime Loans
21Easy Access Loans
22Cashpal Online Loan
23Happy Loan
24Money Loan App
25Plus Loan
26Mega Credit
27Boeing Cash
28Lemon Wallet
29Koko Cash
30Cola Cash/Cash Cola
31Rapid money
32Cash Star
33Loan Galaxy
34Bitcash
35Ukash
36Funcash
37Quick Cash
38True Cedi
39Robin Personal Loan
40Kudi Credit
411 Rapid cedi
42Cedistory
43Steadycash
44Soft kash
45Easy Kash
46DatesCash
47Boseapa
48YooCash
49Fufucredit
50TopCredit
51DeriveCash
52Eagle Cash
53Cash wave
54cud loan
55Sika Bus
56smatloan
57HelloCedi
58Sunny Cash/Sunny Loan
59Ultra Loan
60LoanPapa
61Goldminer
62Enjoy Credit
63Cedi Wallet
64CoolCash
65Pro Kash
66FundCedi Ghana
67Loan App
68Mika Cash Loan App
69New Loan Ghana
70Zip Loan
71Onloan/WantCAsh
72Credit Ghana App
73Bloomcash
74Home Credit
75Akwaaba Cash
76Agyenkwasika- personal loan
77Cash Way
78Cedi Fie
79HelaCash
80Daily Cash
81FiCash
82MOCO
83Sikakasa
84Chasteloan
85Joy Cash
86Sikadua
87PK Loans
88Cocoaloan
89Popcash
90Loan hub
91Creditmall
92cedipros
93Momcash
94GETwallet
95Keeploan
96CashCocoa

Latest from Business