The public has been strongly advised to exercise caution when 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, urged Ghanaians to be vigilant and only seek loans from regulated institutions, including lending apps that are officially approved.

Speaking on the Citi Breakfast Show with Bernard Avle on Citi FM, Tweneboah Koduah expressed concern over the increasing reports of harassment and fraudulent practices by some of these unregulated lending apps.

He emphasised the need for intensified education on safe borrowing practices to help curb the spread and influence of these unapproved apps.

Tweneboah Koduah also warned the public to be wary of clicking on suspicious links and downloading apps that may collect users’ personal data without their consent.

He highlighted the risks associated with using these apps, noting that many people have fallen victim to scams after attempting to borrow money through unverified platforms.

“The fact that you need credit does not mean that you should click any app at all. I have heard several times that somebody has clicked on an app that they are getting a loan only to be duped this is a concern to the market and we will collaborate with the Central Bank and the security agencies and let us all open our eyes and be sensitive to what is happening.”

He described the situation as a wake-up call, stressing that these fraudulent activities not only deceive individuals but also threaten the stability of the financial system.

Koduah further warned that such unregulated operations could potentially be funding illicit activities, including terrorism or other harmful groups, which underscores the importance of public vigilance.

“This is a wake-up call to everybody, not only that they dupe you, they also destabilise the financial system. They can also be doing this to fund some terrorists, who knows whether they are grooming some pornographic group and so it is incumbent on everybody to be vigilant.

“I am calling on the general public to be sure of knowing the people you are dealing with when you are taking a loan.”

Citinewsroom