Sokoloan and Truecedi have been identified as two unlawful financial organizations operating in Ghana by Bright Simons, vice president of IMANI Africa.
He claims that Sokoloan, which has a branch in Nigeria, has opened a shop in Ghana where they solicit loans from naïve victims.
He added that Jain Finscap’s Truecedi is an unregistered firm in Ghana as well.
Bright Simons complained about the lack of action by the country’s financial institution regulators in eradicating these unlawful firms on the microblogging website Twitter.
“I had hoped that the Ghanaian regulators would follow suit, but they are inactive, much like ponzi scams. Sokoloan, for example, has established himself in Ghana and is already extorting fresh victims.Jain Finscap asserts ownership of a fintech company by the name of Truecedi. It is not even listed in Ghana as a firm,” Bright Simons wrote in a tweet
Beware of loan providers operating without licences – BoG to Ghanaians
Meanwhile, the central bank has urged Ghanaians to desist from doing business with loan providers operating without licences in the country.
The operations of these unlicensed banks, the central bank said, were in contravention of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930).
The Bank of Ghana added that these unlicensed entities mostly use mobile apps and social media for their activities.
In a press release copied to GhanaWeb, it said, “Bank of Ghana has observed that a number of unlicensed entities are engaged in the provision of loans to the Ghanaian public, in contravention of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930). These illegal entities mostly employ the use of mobile applications and social media in their activities.
“The activities of these unauthorised entities amount to non-adherence of the consumer protection requirements and an abuse of customer data and privacy laws,” it stated.
Below are the banks providing loan services to Ghanaians without licence from 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 (Ghanaloan.net)
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
The Bank of Ghana said it is taking steps to bring to book the afore-mentioned banks operating without licences.
Read Bright Simons‘ tweet below;
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I thought the Ghanaian regulators would take cue but as with the ponzi schemes, they’re dormant. So the likes of Sokoloan have set shop in Ghana & milking new victims. One fintech called Truecedi claims to be owned by Jain Finscap. It is not even registered as a company in Gh. pic.twitter.com/oZKTXuJTPQ— Bright Simons (@BBSimons) August 22, 2022