Bright Simons kicks out 2 ‘new’ loan sharks in Ghana
IMANI Africa Vice President Bright Simons has labeled Sokoloan and Truecedi as two illegal financial institutions operating in Ghana.
According to him, Sokoloan, which has a branch in Nigeria, has now opened a store in Ghana where unsuspecting victims work with them to get loans.
He further said that Truecedi, owned by Jain Finscap, is also an unregistered company in Ghana.
Taking to microblogging site Twitter to share his complaints, Bright Simons claimed that regulators of financial institutions in the country were inactive in going after these illegal businesses.
“I thought Ghanaian regulators would notice, but as with Ponzi schemes, they are dormant. So Sokoloan has set up shop in Ghana and is squeezing new victims. A fintech called Truecedi claims to be owned by Jain Finscap. It is not even registered as a company in Gh,” Bright Simons’ tweet read.
Beware of loan providers operating without licenses – BoG to Ghanaians
Meanwhile, the central bank has urged Ghanaians to desist from doing business with unlicensed loan providers in the country.
The operations of these unlicensed banks, the central bank said, contravened the 2016 Law on Banks and Specialized Deposit-taking Institutions (Law 930).
The Bank of Ghana added that these unlicensed entities mainly use mobile applications and social networks for their activities.
In a press release copied to GhanaWeb, it said: “The Bank of Ghana has noted that a number of unlicensed entities are engaged in lending to the Ghanaian public, in contravention of the Specialized Deposit Taking Institutions and Banks Act. of 2016 (Law 930. These illicit entities mostly employ the use of mobile applications and social networks in their activities.
“The activities of these unauthorized entities amount to a breach of consumer protection requirements and an abuse of customer data and privacy laws,” it said.
Below are the banks that provide lending services to Ghanaians without a Bank of Ghana license
1. SikaPurse Fast Online Loan
2. 4Cedi Instant Mobile Loan Application
3. Zidisha Online Loans
4. Ghana loan application
5. Chaste Loan Application
6. LoanClub-Ghana Instant Loan
7. AdamfoPa Loan
8. MetaLending: Instant Cash Loan
9. Wohiasika Loan (Ghanaloan.net)
10. Boseafie – Bosea Microcredit
11. SikaKasa Online Loan
12. LoanPro – digital and instant loan
13. SikaWura loan application
14. Begye Bosea Loan
15. LendingPapa – Online Loans
16. CrestCash Loan
17. Credxter – Loans and Rent with Purchase
18. MobiLoan Application
19. Cedi Now – Cash Loan Application
The Bank of Ghana said it is taking steps to make the banks mentioned above operate without licences.
Read Bright Simons’ tweet below;
I thought the Ghanaian regulators would take notice, but as with ponzi schemes, they are inactive. So the likes of Sokoloan have set up shop in Ghana and milking new victims. A fintech called Truecedi claims to be owned by Jain Finscap. It is not even registered as a company in Gh. pic.twitter.com/oZKTXuJTPQ
— Brilliant Simons (@BBSimons) August 22, 2022