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19 Entities you should not Take Loan From; BOG Advices, Here is What they do

The Bank of Ghana has warned Ghanaians against taking Loan From some entities in the country. 

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

4.GhanaLending Application

5.ChasteLoan Application

6.LoanClub-Ghana Instant Loan

7.AdamfoPa Loan

8.MetaLending- Instant Cash Loan

9. Wohiasika Loan (

10.Boseafie – Bosea Micro-Credit

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 – Loans and Hire- Purchase

18.MobiLoan Application

19.Cedi Now – Cash Loans Application

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