Economist and Local Governance Expert, Mr. Afram Otiz, speaking on Fish88.5 FM morning show ‘Adekye3 Mu Nsem,’ has revealed that unlicensed loan apps are posing a significant threat to the financial sector of the economy.
During his submission, he emphasized that these apps must be dealt with immediately to allow local banks to operate with the loans given, as loans are a major source of profit for our banks.
Mr. Ortiz also appealed to the Bank of Ghana (BOG) and the national media commission to act swiftly in eradicating these apps from the system; otherwise, they will adversely affect our banking sector and economy.
Furthermore, he expressed concern about the infringement of human rights on those who acquire these loans.
According to him, some of these loan apps publicly shame defaulted applicants by posting their pictures and names on TV, radio, and newspapers, labeling them as thieves and criminals.
He strongly condemned this practice, as it destroys a person’s reputation and violates their rights. He urged for an urgent halt to these operations.
Story by Nana Afari Mintah Bowak – Fish88.5/ fishfmonline.com