Financial Cautions Don’t Deal With Unlicensed Loan Companies – GHASALC

Dr Owusu was concerned that the lack of proper education among non-bank financial services’ patrons had increased the perception that both savings and loans and microfinance companies operated on the same level

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The Ghana Association of Savings and Loans Companies (GHASALC) has cautioned patrons of financial services to desist from dealing with unlicensed loan companies.

The President of the association, Dr Emmanuel Osei Owusu, was worried about the increasing spate of fraud in the industry by some unscrupulous loan companies.

Speaking in an interview at the sidelines of a training workshop organised by Beige Capital and GHASALC in Accra yesterday, Dr Owusu was concerned that the lack of proper education among non-bank financial services’ patrons had increased the perception that both savings and loans and microfinance companies operated on the same level. The workshop was to help improve the operational sustainability of savings and loans companies through business- to-business networking.

Quoting relevant rules to support his argument, he said, “People contemplating to take loans must beware and cross-check if they are duly authorised. I will advise them to look at the banking licence but we also note that most of the people who deal with the non-bank financial institutions are illiterates so we will have to really educate our customers.”

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