Bank of Ghana to step up efforts to clamp down on illegal lending apps

The Bank of Ghana (BoG) has reiterated its commitment to purging the country’s financial ecosystem of illegal lending apps. According to Kwame Oppong, Head of Fintech and Innovation at the BoG, these unauthorized apps pose a significant threat to consumers and the financial sector.

These apps often collect sensitive data, including images, from borrowers and use them to intimidate and threaten those who default on loans, a practice deemed illegal by the Central Bank.

Speaking at the MoMo@15 Fintech Stakeholders’ Forum, Mr. Oppong emphasized that the BoG will intensify its efforts to clamp down on these unethical activities.

He reaffirmed the Bank’s resolve to prevent unauthorized lending apps from exploiting consumers and disrupting the financial system. While the BoG’s actions are commendable, Ghanaians must also remain vigilant to avoid falling prey to these illegal schemes.