The central bank of Ghana is working with security agencies to stop more than 90 illegal entities that are offering loans to customers through electronic platforms with higher interest rates.
The Assistant Director of Fintech and Innovation Office of the Bank of Ghana, Clerence Blay, said on the Super Morning Show that some of the borrowers are unable to repay their debts because of the high interest rates on the loans.
He said that the Bank of Ghana has identified some of the entities involved. He added that “the security agency is responsible for the arrest. We are working with them and the process is ongoing.” He also said that “we do not want to put information out there which may undermine that operation.”