Over 420 alleged loan app operators have been detained as a result of a joint operation by the Cyber Security Authority, the Bank of Ghana, and the Economic and Organized Crime Office (EOCO).
Authorities in Accra conducted a raid at some of the suspected locations of online lending app operators.
“The three collaborating institutions launched a swoop in the early hours of Monday, July 10, 2023, as part of a Joint Cybersecurity Committee operation which resulted in the arrest of over 420 suspects”, a statement from the authority mentioned.
From the place of Central Bank, the surge in loan applications is in violation of Act 930 of 2016, which is the law governing banks and specialized deposit-taking institutions.
The bank claimed that it has noticed the continued functioning of unlicensed organizations that are involved in offering loans to the people of Ghana via mobile applications.
The Bank emphasized that these organizations’ actions gravely violate laws governing customer data and privacy as well as standards and regulations for consumer protection, with negative repercussions for the honesty and welfare of their clients.
In order to promote the integrity of financial service delivery, the Bank of Ghana will continue to take action against these organizations in coordination with pertinent governmental agencies.