The public have been strongly cautioned to proceed with caution when borrowing from online lending applications that have not been approved by the Data Protection Agency and the Bank of Ghana (BoG). The Executive Secretary of the Ghana Association of Savings and Loans Companies, Tweneboah Koduah, has cautioned Ghanaians to seek loans exclusively from regulated institutions, including legally recognized lending applications. Concerning the growing number of allegations of fraud and harassment by some of these unlicensed loan apps, Koduah voiced worry.
In order to assist stop the proliferation and effect of these unauthorized apps, he emphasized the need for increased education on safe borrowing methods. He emphasized the dangers of utilizing these apps, pointing out that numerous individuals have been duped into paying money through unreliable platforms.
He called the incident a wake-up call, emphasizing that these fraudulent operations pose a threat to the integrity of the financial system in addition to deceiving people. Koduah further cautioned that such unchecked operations can be financing illegal activity, such as terrorism or other dangerous organizations, which emphasizes the significance of public awareness.
SOURCE : DEW360.NET
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