The Central Bank has cautioned Ghanaians against taking loans from some 19 unlicensed institutions. These illegal entities mostly employ the use of mobile applications and social media in their activities." According to BoG, the activities of these unauthorized entities amount to non-adherence to consumer protection requirements and abuse of customer data and privacy laws. Among the entities providing loan services without a license from the Bank of Ghana include the following:1. 4Cedi Instant Mobile loan application3.

Source: GhanaWeb December 10, 2022 22:46 UTC