Check the 97 unlicensed loan givers using mobile apps Bank of Ghana warns you about

The Bank of Ghana (BoG) has warned Ghanaians to desist from dealing with some 97 unlicensed financial institutions engaged in giving out loans to people using mobile applications.

The Central Bank also cautioned commercial banks, Specialised Deposit-taking Institutions and Payment Service Providers not to facilitate the illegal transactions of the unlicensed loan institutions who operated through mobile applications (apps).

According to the Bank there has been persistent operations of such unlicensed entities whose loan facilities were accessed remotely through mobile money wallets without the need for collateral. 

Such activities, the Bank said was in contravention of the Specialised Deposit-taking Institutions Act, 2016 (Act 930), a breach of customer data and privacy laws, and customer protection requirements and norms.

Find below a list of the 97 apps.