A finance and cybersecurity expert, Solomon Osei-Fosu, has raised concerns over the rising misuse of digital loan applications in Ghana, blaming it on the public’s ignorance and carelessness. Speaking on TeknoKrat on Focus FM with host Sika Audrey Dzifa, Osei-Fosu described the behavior of some Ghanaians as “appalling,” emphasizing how easily people fall victim to suspicious money-related links without verifying their legitimacy.
“Anytime we see a link that involves money, we’re quick to tap on it, running helter-skelter without even checking if it’s genuine. Many don’t even read the terms and conditions until it’s too late,” he stated.
He pointed out a key safety tip for online users—genuine websites often have URLs beginning with https, where the “s” stands for secure encryption. He advised the public to avoid any links that do not meet this security standard.
Osei-Fosu further explained that Ghana has regulated digital loan apps—approved by institutions like the Bank of Ghana and the Ghana Stock Exchange. However, many others operate illegally, lacking the necessary legal framework or oversight.
“Most of these apps don’t have laws backing them. They operate outside the Ghanaian jurisdiction,” he warned. On concerns regarding personal data leaks, Osei-Fosu clarified that access to personal information is strictly protected under the Ghana Data Protection Act, 2012, and no one can retrieve personal data without user consent.
“Your data is secured. Compliance in cybersecurity means no one can access your data unless you give them permission,” he added.
He urged Ghanaians to be cautious, especially in emergencies, and always verify the authenticity of loan platforms before submitting any information.