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Ghana warns citizens against unlicensed loan firms

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Ghana’s central bank has cautioned the public against going to loans from unlicensed entities providing of loans to consumers.

According to the bank of Ghana 19 of such firms are operating in contravention of the the country’s Banks and Specialised Deposit-Taking Institutions Act, 2016.

These illegal firms mostly employ the use of mobile applications and social media in their activities.

In a statement the bank named the entities to include SikaPurse Quick Online loan, 4Cedi Instant Mobile loan application, Zidisha Online Loans, Ghana Lending Application, AdamfoPa Loan, CrestCash Loan, MobiLoan Application and Cedi Now – Cash Loans Application.

The Bank of Ghana said “the activities of these unauthorised entities amount to non-adherence of the consumer protection requirements and an abuse of customers’ data and privacy laws”.

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“The 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 Specialized Deposit-Taking Institutions, as well as payment service providers are advised to facilitate the illegal transactions of the unlicensed loan providers”, it further explained.

Meanwhile the central bank has also said it will soon close down licensed forex bureaus refusing to comply with the foreign exchange law.

Officials told Accra-based radio station Joy FM that some operators of forex bureau have been contributing to speculation in the foreign exchange market, which impacts negatively on the stability of the local currency the cedi.

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