Finance and Economic Policy Analyst, Richmond Mawunyo Akpah, has cautioned Ghanaians against using unlicensed digital loan applications, warning that borrowers could be exposed to harassment and abuse of their personal information.
He said some unlicensed loan operators gain access to borrowers’ personal data, including their contacts, and may allegedly use such information to shame, intimidate or harass customers who fail to repay their loans on time.
According to Mr Akpah, the convenience and speed associated with digital lending often cause borrowers to accept loan agreements without taking the time to understand the implications of the terms and conditions.
Speaking in an interview monitored by The Ghana Report on Metro TV’s Good Afternoon Ghana on Wednesday, September 9, 2026, he said financial pressure often forces borrowers to overlook the amount and nature of personal information they give loan applications access to.
“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 borrowers may only appreciate the consequences of granting extensive access to their information after they default on their loans.
He said there have been instances where individuals who were unable to repay digital loans on time allegedly had their personal information used against them, including through posts circulated on social media.
“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 described such practices as a serious threat to the privacy and dignity of consumers, particularly as digital lending continues to grow in Ghana.
Mr Akpah also raised concerns about the difficulty of regulating some digital lending operators because they are located outside Ghana but provide loans to Ghanaian customers 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 entering into a loan agreement should not give lenders unrestricted control over a borrower’s personal life or private information.
“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.
The analyst urged consumers to carefully read and understan the terms and conditions of digital loan applications before accepting any offer.
He said the need for immediate financial assistance often leads borrowers to simply tick an agreement box without considering the permissions they are granting to the application.
“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.
Mr Akpah advised borrowers to pay particular attention to requests for access to sensitive personal information and to question whether such information is genuinely required to provide the loan service.
He further called on the Cyber Security Authority to step up public education on digital privacy and help consumers understand the risks associated with granting applications broad access to their 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 also proposed greater public education on the terms and conditions attached to digital loans, arguing that complicated legal language should not prevent consumers from understanding what they are agreeing to.
“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.
While acknowledging the role of digital lending in providing quick financial assistance to consumers, he stressed that access to emergency funds should not come at the expense of borrowers’ privacy and dignity.
He therefore advised Ghanaians who require digital loans to use licensed credit providers regulated by the Bank of Ghana and to verify the legitimacy of lending platforms before sharing personal information.
