Finance and Economic Policy Analyst, Richmond Mawunyo Akpah, has warned Ghanaians about the risks of surrendering personal information to unlicensed digital loan applications.
According to him, some unlicensed lenders obtain access to borrowers’ personal data, including contact information, and may use it to embarrass or harass customers who fail to repay their loans on time.
Mr Akpah said the convenience of obtaining quick loans through mobile applications often causes borrowers to accept terms and conditions without understanding the extent of the information they are giving away.
Speaking on Metro TV’s Good Afternoon Ghana on Wednesday, September 9, 2026, he said the need for urgent financial assistance often makes borrowers overlook the potential consequences of granting applications access to their personal information.
“You might sign up that, yes, you agree, but do you really understand the implication? Of course not. Because all you are doing is you are taking that, oh, I agree to the terms and conditions of the loan. Because you need a loan,” he said.
Mr Akpah said some borrowers only realise the consequences after defaulting on their loans, when lenders allegedly begin contacting friends and relatives or publishing embarrassing information about them online.
“We have seen recently whereby there are posters on social media declaring people dead, declaring people to be fraudsters, just because they are unable to pay these loans on time,” he said.
He said such practices raise serious concerns about the protection of consumers’ privacy within Ghana’s growing digital lending space.
Mr Akpah explained that the problem is made worse by the fact that some of the operators are based outside Ghana but are able to offer loans to Ghanaians through online platforms.
“Most of them are in Hong Kong and then the Asia countries, but they have access to our people,” he said.
He argued that the fact that a person has borrowed money from a lender does not give the lender unlimited access to the borrower’s private life.
“These loan apps just by the virtue that a Ghanaian is borrowing money from you does not give you the access or the privilege to own the dignity or the private life of that borrower,” he said.
Mr Akpah urged borrowers to take the terms and conditions of digital loan applications seriously before accepting any offer.
He said many people simply tick the box indicating that they agree to the terms without reading what they are consenting to.
“I’ve downloaded applications that there’s just a small box there which says I agree to the terms and conditions. You don’t know what is in the terms and conditions unless you read them, but you go and tick it and then say accept because you need money for rent and whatever it is,” he said.
According to him, borrowers should be particularly cautious when an application requests access to sensitive personal information that is not necessary for providing the loan.
He also called on the Cyber Security Authority to intensify public education on digital privacy and the risks associated with granting applications excessive access to personal information.
“The Cyber Security Authority must equally embark on a serious campaign to educate Ghanaians of how much access they can give to such institutions to their public information,” he said.
Mr Akpah further proposed that the terms and conditions of digital lending platforms be simplified and explained to consumers through public education campaigns.
“Let’s publish the terms and conditions for Ghanaians. They can mandate someone to read through, make notes, prepare infographics, and educate the Ghanaians that this loan app, these are what and what you are signing up to when you agree to their terms and conditions,” he said.
He stressed that while digital lending is helping some Ghanaians who need quick access to small amounts of money, consumers must not sacrifice their privacy and dignity in the process.
He advised borrowers who need quick loans to rely on licensed digital credit providers regulated by the Bank of Ghana rather than unlicensed applications.
