The general public has been sternly cautioned against borrowing from online lending applications that are not authorised by the Data Protection Agency and the Bank of Ghana (BoG).
Ghanaians were advised to exercise caution and limit their loan requests to regulated institutions, such as officially recognised lending applications, by Tweneboah Koduah, Executive Secretary of the Ghana Association of Savings and Loans Companies.
Speaking on Citi FM’s Citi Breakfast Show with Bernard Avle, Tweneboah Koduah voiced her worries about the growing number of allegations of harassment and dishonest business practices by certain unlicensed loan applications.
He underlined the necessity of stepping up education on safe borrowing techniques in order to lessen the influence and proliferation of these unapproved apps.
Additionally, Tweneboah Koduah cautioned the public against downloading apps that can capture users’ personal data without permission and clicking on dubious links.
He emphasized the dangers of utilizing these apps, pointing out that numerous individuals have been duped into paying money through unreliable 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 called the situation a wake-up call, emphasising that these fraudulent activities pose a threat to the stability of the financial system in addition to deceiving people.
Koduah also cautioned that such unchecked operations might be financing illegal activity, such as terrorism or other dangerous organizations, which emphasizes the significance of public awareness.
“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.”
