Public cautioned against borrowing from unlicensed online lending apps

The Ghanaian public has been advised to be cautious while borrowing from online lending apps that have not been approved by the Bank of Ghana (BoG) or the Data Protection Agency. 

The Executive Secretary of the Ghana Association of Savings and Loans Companies, Tweneboah Koduah, in an interview on Citi Fm, urged Ghanaians to exercise caution and only seek loans from regulated institutions, including lending apps that have been formally licensed.

He expressed worry about the rise in accusations of harassment and fraudulent behavior by some of these unregulated lending apps.

He also emphasized the need for increased education on safe borrowing practices to help reduce the spread and influence of these unauthorized apps.

"The fact that you need credit does not mean that you should click any app at all. I have heard several times that somebody has clicked on an app that they are getting a loan only to be duped this is a concern to the market and we will collaborate with the Central Bank and the security agencies and let us all open our eyes and be sensitive to what is happening.”

“This is a wake-up call to everybody, not only that they dupe you, they also destabilise the financial system. They can also be doing this to fund some terrorists, who knows whether they are grooming some pornographic group and so it is incumbent on everybody to be vigilant.

“I am calling on the general public to be sure of knowing the people you are dealing with when you are taking a loan," he stated.

Source:Lead News Online