19 entities you should avoid taking loans from

Dr Ernest Addison is Governor of the Bank of Ghana

The Bank of Ghana has asked Ghanaians to divest from some 19 credit operators in the Ghanaian market.

The Central Bank said the entities were not licensed, so clients trading with them do so at their own risk.

In a statement dated August 22, 2022, seen by GhanaWeb, the Bank noted that these “unlicensed entities are engaged in lending to the Ghanaian public, in violation of the Banks and Specialized Depository Institutions Act 2016. (Law 930).”

The statement further mentions that these illegal entities mainly employ the use of mobile apps and social media in their activities.

“The activities of these unauthorized entities constitute a violation of the
consumer protection requirements and misuse of customer data and privacy
laws,” he added.

It is however not clear if there are other entities, but the Bank of Ghana lists these 19 financial entities among the entities providing lending services without a license from the Central Bank.

1. SikaPurse Quick Online Loan

2.4Cedi Instant Mobile Loan Application

3. Zidisha Online Loans

4. Ghana Loan Application

5. Chaste Loan Application

6.LoanClub-Ghana Instant loan

7.AdamfoPa Loan

8.MetaLending – Instant Cash Loan

9. Wohiasika Loan (Ghanaloan.net)

10. Boseafie – Bosea micro-credit

11. SikaKasa online loan

12.LoanPro – digital and instant loan

13. SikaWura Loan Application

14.BegyeBosea Ready

15.LendingPapa – Online Loans

16.CrestCash Loan

17.Credxter – Loans and lease-purchase

18.Mobile Loan Application

19.Cedi Now – Cash Loan Application

SSD

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