Do not take loans from these 19 institutions – BoG cautions

The Bank of Ghana has cautioned persons in Ghana about taking loans from some 19 financial institutions that are unlicensed.

The Central Bank issued a statement on August 22, 2022, that, “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 Specialised Deposit-Taking Institutions Act, 2016 (Act 930). These illegal entities mostly deploy the use of mobile applications and social media in their activities.”

In the report by Bank of Ghana, all the activities of these unlicensed institutions amount to non-adherence to consumer protection requirements and abuse of customer data and privacy laws.

In the list of the financial institutions operating without license, here are the entities providing loan services to Ghanaians without a license from the Bank of Ghana:

  1. SikaPurse Quick Online loan
  2. 4Cedi Instant Mobile loan application
  3. Zidisha Online Loans
  4. GhanaLending Application
  5. ChasteLoan Application
  6. LoanClub-Ghana Instant Loan
  7. AdamfoPa Loan
  8. MetaLending-Instant Cash Loan
  9. Whiasika Loan (
  10. Boseafie – Bosea Micro-Credit
  11. SikaKasa Online Lending
  12. LoanPro – digital and instant loan
  13. WikaWura Loan Application
  14. BegyeBosea Loan
  15. LendingPapa – Online Loans
  16. CrestCash Loan
  17. Credxter – Loans and Hire – Purchase
  18. MobiLoan Application
  19. Cedi Now – Cash Loans Application

Should you want a note to serve as reference, here is the proof of notice from Bank of Ghana about Unlicensed entities engaged in lending.

Do Not Take Loans From These 19 Institutions – BoG Cautions

Now Loans in Ghana has reported to you about not taking loans from these 19 unlicensed institutions.

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