Ghana’s Cybersecurity Authority Classifies Loan Apps as Non-Compliant The Cybersecurity Authority of Ghana (CSA) has released a list of loan applications that do not meet the regulatory requirements of the Bank of Ghana (BOG). The list includes several well-known apps, such as Bezo Money. According to the CSA, these apps have failed to comply with the BOG’s directives on data protection, privacy, and consumer rights. This includes issues such as excessive interest rates, hidden fees, and the unauthorized collection of personal information. The CSA has warned consumers to be cautious when using these apps and to consider the potential risks involved. They have also urged borrowers to only use loan apps that are licensed by the BOG and operate within the established regulations. The inclusion of Bezo Money on the CSA’s non-compliant list has raised concerns among its users. The app has been praised for its convenience and accessibility, but it has also been criticized for its high interest rates and aggressive debt collection practices. The BOG has previously taken action against loan apps that violate its regulations. In April 2023, the BOG revoked the license of Perfect Choice Capital Limited, the operator of SikBanking, for failing to comply with the necessary requirements. The CSA’s move to classify certain loan apps as non-compliant is part of a broader effort to protect consumers from financial fraud and abuse. The authority has urged loan providers to operate responsibly and to comply with the established regulations to ensure a fair and transparent financial market. Consumers are advised to exercise due diligence when using loan apps. They should read the terms and conditions carefully, understand the interest rates and fees involved, and only borrow from licensed and regulated providers.Ghana Cybersecurity Authority Warns Against Predatory Loan ApplicationsGhana Cybersecurity Authority Warns Against Predatory Loan Applications The Ghana Cybersecurity Authority (GCA) has issued a press release identifying several loan applications, including Bezo Money, as “predatory” and non-compliant with the Bank of Ghana’s standards. Details According to the GCA, some of the listed apps engage in unauthorized deductions from users’ wallets and impose excessive interest rates on loans. Additionally, they resort to “cyberbullying” and threats of intimidation if loans are not repaid on time or rejected. Non-Compliance and Cyberbullying The GCA emphasizes that the targeted apps are not registered with the Bank of Ghana and fail to comply with the Ghana Data Protection Authority. This raises concerns about the security and privacy of users’ personal information. Public Warning The Authority has strongly advised the general public to refrain from using the listed applications and has warned that they pose financial and personal risks. Related News and Updates Stay informed about the latest cybersecurity news and other relevant topics by joining the WhatsApp community and subscribing to the weekly newsletter.Ghana’s Cybersecurity Authority (CSA) has released a list of loan applications deemed non-compliant with the Bank of Ghana’s regulations. The list includes Bezo Money, a popular lending app in the country. The CSA’s announcement comes amid growing concerns over the unregulated lending practices of mobile loan apps in Ghana. These apps often charge exorbitant interest rates and engage in unethical debt collection tactics. According to the CSA, loan apps on the non-compliant list are operating without the necessary licenses and authorizations from the Bank of Ghana. They have also been found to violate data privacy laws and engage in unfair business practices. The CSA has urged the public to be cautious when using these loan apps and to only deal with licensed and regulated financial institutions. The authority has also asked the Bank of Ghana to take appropriate action against the non-compliant loan apps. The inclusion of Bezo Money on the non-compliant list is a significant development, as the app is widely used in Ghana. The move is expected to put pressure on the company to comply with regulations or face penalties. The CSA’s actions are aimed at protecting consumers from predatory lending practices and promoting a safe and fair financial environment in Ghana.