According to the bank of Ghana, they are not licensed hence doing business with them is at your own risk.
The Bank noted that, these unlicensed entities are engaged in provision of loans to the Ghanaian public in contravention of the Bank and Special Deposit -Taking Institutions Act, 2016 Act (930).
The statement also describe how they operate, by employing mobile application and social media in their activities.
The activities of these unauthorize entities includes non adherence to the consumer protection requirements and abuse of customer data and privacy law.
When you contract loan and you default, your data is shared to friends and on social media to either disgrace you or to force others pay for you.
As you default, the loan credit keep going up which becomes a burden to most people.
During the Loan application process, some will insist on providing a guarantor for that particular Loan, subsequent loans, do not demand the guarantors concern, but when the person defaults, you are called frequently, disturbing your peace of mind.
There maybe more of such entities in the system but here are the 19 identified ones by the Bank Of Ghana.
1.SikaPurse Quick Online loan
2.4Cedi Instant Mobile loan application
3.Zidisha Online Loans
6.LoanClub-Ghana Instant Loan
8.MetaLending- Instant Cash Loan
9. Wohiasika Loan (Ghanaloan.net)
10.Boseafie – Bosea Micro-Credit
11.SikaKasa Online Lending
12.LoanPro – digital and instant loan
13.SikaWura Loan Application
15.LendingPapa – Online Loans
17.Credxter – Loans and Hire- Purchase
19.Cedi Now – Cash Loans Application