Bright Simons unearths 2 ‘new’ loan sharks in Ghana

Vice President of IMANI Africa, Bright Simons

IMANI Africa Vice President Bright Simons has identified Sokoloan and Truecedi as two illegal financial institutions operating in Ghana.

According to him, Sokoloan, which has a branch in Nigeria, has now set up a shop in Ghana where unsuspecting victims work with them to get loans.

He further said Truecedi, owned by Jain Finscap, is also an unregistered company in Ghana.

Bright Simons shared his grievances on microblogging site Twitter, claiming that regulators of the country’s financial institutions are doing nothing to drive out these illicit deals.

“I thought Ghanaian regulators would take action, but as with Ponzi schemes, they are dormant. So people like Sokoloan set foot in Ghana and milked new victims. A fintech named Truecedi claims to be owned by Jain Finscap. It’s not even registered as a business in Gh,” read Bright Simons’ tweet.

Beware of loan providers operating without licenses – BoG to Ghanaians

Meanwhile, 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 violates (Act 930) These illegal organizations mostly use mobile applications and social media in their activities.

“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.

Listed below are the banks that offer loan services to Ghanaians without a Bank of Ghana license

1. SikaPurse Quick Online Loans
2. 4Cedi Instant Mobile Loan Application
3. Zidisha online loans
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

The Bank of Ghana said it was taking steps to hold the above banks operating without a license accountable.

Read Bright Simons’ tweet below;


Comments are closed.