Accra, Ghana – The Bank of Ghana (BoG) has sounded a warning to operators of illegal lending apps, stating that it will continue to clamp down on their activities, particularly the harassment of loan defaulters. The central bank has deemed it a crime to threaten defaulters with the publication of their pictures and confidential data, a practice that has led to a string of suicides in recent times.
Speaking at a Stakeholders’ Forum, Kwame Oppong, Director of Fintech at the BoG, emphasized that the central bank will not tolerate unauthorized products that destabilize the financial sector. “It is unthinkable to threaten people because they have defaulted on loans,” he stressed.
The BoG’s warning comes amidst a growing trend of illegal lending apps that have been exploiting vulnerable individuals, often with devastating consequences. In some cases, defaulters have been driven to take their own lives due to the relentless harassment and threats from these operators.
Mr. Oppong advised the public to exercise caution when engaging in online financial transactions and assured that the central bank is working closely with security agencies to apprehend culprits. The BoG’s crackdown on illegal lending apps is aimed at protecting consumers and maintaining the stability of the financial sector.
GBC/Ruth Abla ADJORLOLO
