The public has been issued a stern warning to exercise extreme caution when considering borrowing from online lending apps that have not been sanctioned by the Bank of Ghana (BoG) and the Data Protection Agency.
Tweneboah Koduah, the Executive Secretary of the Ghana Association of Savings and Loans Companies, has urged Ghanaians to be vigilant and only seek loans from regulated institutions.
This includes lending apps that have received official approval from the relevant authorities, ensuring that they operate within the bounds of the law. Tweneboah Koduah expressed deep concern over the increasing reports of harassment and fraudulent practices by some of these unregulated lending apps.
He highlighted the alarming rate at which these unapproved apps are proliferating, posing a significant risk to unsuspecting borrowers. Tweneboah Koduah emphasized the need for intensified education on safe borrowing practices to help curb the spread and influence of these unapproved apps.
He stressed that the public must be aware of the dangers associated with borrowing from unregulated lenders, including exorbitant interest rates and harassment. The Executive Secretary also called on the authorities to take swift action against these unregulated lending apps, ensuring that they are held accountable for their actions.
He reiterated that borrowing from regulated institutions is the safest option, as they are subject to strict guidelines and regulations that protect borrowers. By exercising caution and seeking loans from approved lenders, the public can avoid falling prey to the fraudulent practices of unregulated online lending apps.
