The Bank of Ghana (BoG) is set to intensify its crackdown on illegal lending apps operating in the country, according to Kwame Oppong, Head of Fintech and Innovation at BoG.
Oppong revealed that these unauthorised apps often collect personal information and photos from consumers as soon as they sign up. When borrowers default on their loans, the apps use this information to intimidate and threaten them.
Speaking at the Momo@15 Fintech Stakeholders’ Forum, Oppong warned that the central bank would not allow unauthorised products to destabilise the financial sector.
He highlighted the serious consequences of these predatory practices, noting that some borrowers have even been driven to suicide due to the harassment they face.
Oppong stressed that it is illegal for lending apps to threaten to expose photos and publish other confidential data about borrowers.
The Bank of Ghana, he assured, will continue its efforts to clamp down on these illegal apps that exploit consumers.
He also mentioned that, in partnership with security agencies and the Economic and Organised Crime Office (EOCO), the BoG has already arrested 200 foreign nationals involved in these illicit activities.
This joint effort aims to protect consumers and maintain the integrity of Ghana’s financial sector.