Online lending applications have emerged as a concerning issue in Ghana, preying on individuals with limited incomes through aggressive advertisements offering easy access to loans. Those who become ensnared by these tactics face considerable difficulties in dealing with the negative consequences.
In Ghana, a concerning trend has emerged where online loan apps are exploiting vulnerable low-income individuals with deceptive offers for easy loans, resulting in various negative consequences. In June, the Bank of Ghana identified and raised concerns about 97 money-lending apps available on app stores.
Online loan applications have emerged as a source of fraudulent activities in Ghana, specifically preying on individuals with limited incomes through invasive advertisements promising easy loans that eventually lead them into troublesome situations.
A Ghanaian individual, facing a critical financial situation in funding his fees at Takoradi Technical University, opted to download an online loan application to request a loan of ¢300 ($26). However, the situation unfolds with additional details.