The Bank of Ghana (BoG) has announced a heightened crackdown on illegal lending applications operating within the country, citing significant risks to consumers and the financial sector.
Kwame Oppong, Head of Fintech and Innovation at the BoG, described these unauthorized apps as a significant threat due to their unethical practices.
He revealed that these apps often collect personal information and photos from users during registration.
In cases where borrowers default on their loans, the apps misuse this information to intimidate and harass individuals.
Oppong reported that the distress caused by such harassment has, in some cases, driven borrowers to suicide.
Speaking at the MoMo@15 Fintech Stakeholders’ Forum, organized by MobileMoney Limited (MTN MoMo), Oppong emphasized that the central bank is committed to eliminating these predatory practices.
The BoG is determined to enforce regulations against unauthorized products that undermine the financial sector’s stability.
“Threatening to expose photos and disseminate confidential data is unethical and illegal,” Oppong stated.
“We will not permit these apps to exploit people and disrupt our financial system.”
The Bank of Ghana’s intensified efforts reflect a broader commitment to safeguarding consumers and maintaining a secure financial environment in Ghana.
