Bright Simons unearths 2 ‘new’ loan sharks in Ghana

Vice President of IMANI Africa, Bright Simons

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 shop in Ghana where unsuspecting victims work with them to secure loans.

He added that Truecedi, owned by Jain Finscap, is also an unregistered company in Ghana.

Taking to microblogging site Twitter to share his grievances, Bright Simons claimed that the country’s financial institution regulators were inactive in chasing down these illegal businesses.

“I thought Ghanaian regulators would take cue but as with Ponzi schemes they are inactive. So Sokoloan has moved to Ghana and is dealing with new victims. A fintech called Truecedi claims to be owned by Jain Finscap. This is not even registered as a business in Greece,” read Bright Simons’ tweet.

Beware of loan providers operating without a license – BoG to Ghanaians

Meanwhile, the central bank has urged Ghanaians to refrain from doing business with lenders operating without a license in the country.

The operations of these unlicensed banks, the central bank said, violated the Banks and Specialized Depository Institutions Act 2016 (Act 930).

The Bank of Ghana added that these unlicensed entities mainly use mobile apps and social media for their business.

In a press release copied from GhanaWeb, he said: “The Bank of Ghana has observed that a number of unlicensed entities are engaged in lending to the Ghanaian public in violation of the Bank of Ghana Act 2016. banks and specialized depository institutions (Law 930) These illegal entities mainly use the use of mobile applications and social media in their activities.

“The activities of these unauthorized entities constitute a violation of consumer protection requirements and an abuse of customer data and privacy laws,” he said.

Below are the banks offering loan services to Ghanaians without a license from the Bank of Ghana

1. SikaPurse Quick 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 (
10. Boseafie – Bosea micro-credit
11. SikaKasa online loan
12. LoanPro – digital and instant loan
13. SikaWura Loan Application
14. BegyeBosea Loan
15. LendingPapa – Online Loans
16. CrestCash Loan
17. Credxter – Loans and hire-purchase
18. Mobile Loan Application
19. Cedi Now – Cash Loan Application

The Bank of Ghana said it was taking steps to bring the aforementioned banks operating without a licence.

Read Bright Simons’ tweet below;


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