The Bank of Ghana (BoG) has issued a warning to the public against the use of various Internet Apps that are available without permission.
Thus, 97 of these applications have received citations for violating Section 930 of the Banks and Specialized Deposit-Taking Institutions Act by participating in lending activities that are not authorized.
According to a statement from the Central Bank, “The Bank of Ghana reiterated that the activities of these entities significantly violate customer data and privacy laws as well as consumer protection requirements and norms with adverse implications on the integrity and wellbeing of their patrons.”
Before conducting any business with an institution, the general public has been recommended to check the Bank’s website for the approved list of licensed institutions.
Below are the unlicensed entities:
