Beware of loan providers that operate without licenses

Business news of Monday 22 August 2022


Governor of the Bank of Ghana, Dr. Ernesto Addison

The central bank has urged Ghanaians not to do business with lenders operating in the country without a license.

The operations of these unlicensed banks, the central bank said, violated the Banks and Specialized Depository Institutions Act 2016 (Act 930).

The Bank of Ghana added that these unlicensed companies mainly use mobile apps and social media for their operations.

A press release copied to GhanaWeb reads: “The Bank of Ghana has identified a number of unlicensed entities as being involved in the provision of credit to the Ghanaian public, in violation of the Banks and Specialized Depository Institutions Act of 2016 (Act 930).

“The activities of these unauthorized entities constitute a failure to comply with consumer protection requirements and an abuse of customer data and privacy laws,” it said.

Below are the banks that offer credit services to Ghanaians without a Bank of Ghana license:

1. SikaPurse Quick Online Loans
2. 4Cedi Instant Mobile Loan Application
3. Zidisha online loan
4. GhanaLending Application
5. ChasteLoan Application
6. LoanClub Ghana Instant Loans
7. AdamfoPa Loan
8. MetaLending – Instant Cash Loan
9. Wohiasika Loan (
10. Boseafie – Bosea Microcredit
11. SikaKasa Online Lending
12. LoanPro – Digital and Instant Loan
13. SikaWura Loan Application
14. BegyeBosea Loan
15. LendingPapa – Online loans
16. CrestCash Loan
17. Credxter – Loan and Hire Purchase
18. MobiLoan Application
19. Cedi Now – Application for cash loan

Meanwhile, the Bank of Ghana said it was taking steps to hold the aforementioned banks operating without a license accountable.


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