In recent years, countless Ghanaians, particularly within vulnerable segments of the population, such as the unemployed and market women, have turned to instant loan apps for quick financial relief. While these apps advertise low-interest rates and easy access, many end up entrapping users in cycles of debt and humiliation. The rise of unlicensed and unregulated digital lenders has exposed a harsh reality — financial assistance cloaked as financial entrapment.

The Illusion of Easy Money

Loan apps such as MONI WAVE have been luring borrowers with promises they can barely fulfill. With offers claiming “0.1% daily interest” and no collateral, the reality often transforms into over 52% interest rates with heightened stress due to incessant calls and threats. According to Modern Ghana, this is not financing — it’s exploitation.

Ghanaians often find themselves questioning whether these digital lenders have any legal standing. Notably, these predatory lenders can only pursue legal action if they are licensed by the Bank of Ghana. While most legitimate financial services adhere to the Banking and Specialized Deposit-Taking Institutions Act, 2016 (Act 930), these apps operate in the shadows, intimidating borrowers without legal backing. That’s not all; some victors have managed to sue under several constitutional protections against privacy invasion, defamation, and illegal interest rates.

Rising Above: Stories from the Ground

The story of a borrower with MONI WAVE depicts the harsh realities many face. Promised a modest interest, the borrower found themselves paying significantly more than agreed, and when unable to meet their immediate demands, faced a daily barrage of harassment and insults. This lends our fight against such entities legitimacy and urgency.

Identifying the Predators

Before considering an app loan, there are vital checks every Ghanaian must conduct:

  1. Licensing: Always verify a lender’s license on the official Bank of Ghana website.
  2. Privacy Breaches: Avoid apps demanding unnecessary access to personal data.
  3. Interest Transparency: Ensure clarity in terms regarding rates and repayment timelines.

Taking a Stand: Your Rights

Victims of these predators are not powerless. Legal avenues like reporting to the Bank of Ghana, filing cases with the Data Protection Commission and consumer courts, and even public exposure can stand as viable options against exploiters. As Kofi Adumako aptly puts it, “Lenders devoid of licenses are devoid of legal powers.”

The Path Forward

Ghanaians must rally together to demand transparency, fairness, and regulation in the lending sphere. Explore legal alternatives and remember that while financial aid should uplift, these digital shylocks endeavor to shackle. Stand up, voice your experiences, and help bring about change. After all, no financial aid is worth the cost of your dignity.

Ghana must awaken to this silent financial abuse! Let us expose these deceptive practices and secure a safer financial environment.

FUSEINI ABDUALAI BRAIMAH+233208282575 / +233550558008 [email protected]
Copyright © 2025 by Fuseini Abdulai Braimah

Disclaimer: The perspectives shared here are those of the author and do not necessarily reflect the official stance of ModernGhana.