Bank of Ghana Cautions 97 Unlicensed Entities Providing Loans Via Mobile Apps2 min read

The Bank of Ghana (BoG) today warned unlicensed entities that are engaged in the provision of loans through mobile applications to the Ghanaian public.

According to a notice issued by the central bank, this unlawful practice is in contravention of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

It said it would continue to take action against these entities in collaboration with relevant state agencies to promote the integrity of financial service delivery.

“The general public is therefore advised to desist from doing business with all unlicensed loan providers. Banks, Specialised Deposit-Taking Institutions and Payment Service Providers are cautioned not to facilitate the illegal transactions of unlicensed loan applications.

“The Bank reiterates that the activities of these entities significantly breach customer data and privacy laws, as well as consumer protection requirements and norms, with unfavourable implications on the integrity and wellbeing of their patrons,” the notice pointed out.

The BoG also encouraged the public to patronise the various types of digital credit products approved by Bank of Ghana and delivered by banks and specialised deposit-taking institutions in partnership with mobile money operators.

“The general public is advised to consult the Bank’s website using the link below for the approved list of licensed institutions, before transacting any business with an institution,” it stated.

Below is a list of loan  applications offered on the market without a licence or authorisation from Bank of Ghana.

1. Flash Cash

2. Accra

3. GhLending

4. MoLoan

5. Rapidcedi

6. 100 Cedi

7. Cedi Help

8. Mascedi Consult

9. Cediboom

10. CashLoanPro

11. Aircash

12. Akwaaba Payment

13. FourCredy

14. Ghanalending

15. AcornCredit

16. Gana Loan

17. Mach Loans Ghana

18. Mbose

19. Sika Bus

20. Ultra Loan FundCedi Ghana

21. Loan App

22. Mika Cash Loan App

23. New Loan Ghana

24. Zip Loan Onloan/WantCAsh

25. Credit Ghana App

26. Bloomcash

27. Home Credit

28. Akwaaba Cash Agyenkwasika-

29. Personal loan

30. Cash Way

31. Momo cash loans

32. Prime Loans

33. Easy Access Loans

34. Cashpal Online Loan

35. Happy Loan

36. Money Loan App

37. Plus Loan

38. Mega Credit

39. Boeing Cash

40. Lemon Wallet

41. Koko Cash

42. Cola Cash/Cash Cola

43. Rapid money

44. Cash Star

45. Loan Galaxy

46. Bitcash

47. Ukash

48. Funcash

49. HelloCedi Sunny Cash/Sunny

50. Loan

51. Goldminer

52. Enjoy Credit

53. Cedi Wallet

54. Pro Kash

55. Cedi Fie

56. HelaCash

57. Daily Cash

58. FiCash

59. Sikadua

60. PK Loans

61. Quick Cash

62. True Cedi

63. Robin Personal Loan

64. Kudi Credit

65. 1 Rapid cedi

66. Cedistory

67. Steadycash

68. Soft kash

69. Easy Kash

70. DatesCash

71. Boseapa

72. YooCash

73. Fufucredit

74. TopCredit

75. DeriveCash

76. Eagle Cash

77. Cash wave

78. cud loan

79. smatloan

80. LoanPapa

81. CoolCash

82. MoLoan

83. Rapid Cedi

84. cedifie

85. MOCO

86. Sikakasa

87. Chasteloan

88. Joy Cash

89. Cocoaloan

90. Popcash

91. Loan hub

92. Creditmall

93. cedipros

94. Momcash

95. GETwallet

96. Keeploan

97. CashCocoa