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BoG publishes a list of 19 loan companies operating unlawfully.

The public has been warned by the Bank of Ghana (BoG) not to conduct business with 19 unregulated loan companies.

The organizations are operating unlawfully, according to a statement released by the BoG on Monday, August 22.

“Bank of Ghana has observed that a number of unlicensed entities are engaged in the provision of loans to the Ghanaian public, in contravention of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930). These illegal entities mostly employ the use of mobile applications and social media in their activities,” the statement said.

“Bank of Ghana is taking steps to take action against these entities and hereby advises the general public to desist from doing business with all unlicensed loan providers. Banks and Specialised Deposit-Taking Institutions as well as payment service providers are advised not to facilitate the illegal transactions of the unlicensed loan providers.

“The general public is further advised to visit Bank of Ghana’s website for the approved list of licensed institutions at (https://www.bog.gov.gh/supervisionregulation/all institutions/),” the BoG statement said.

 

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