BoG Designates Digital Credit Services as Non-Bank Financial Service
The Bank of Ghana (BoG) has officially designated Digital Credit Services as a Non-Bank Financial Service under the First Schedule of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 774).
The measure, according to the central bank, forms part of ongoing reforms aimed at broadening access to the financial system and deepening financial inclusion.
In a notice issued by the Bank, it stressed that the designation does not amount to an automatic authorisation or licence for all entities currently operating under the First Schedule of Act 774 to provide digital credit services.
“The Bank of Ghana will in due course, issue a Directive to lay out the licensing requirements for the provision of Digital Credit Services,” the notice stated.
The move signals a tightening of regulatory oversight over the fast-growing digital lending space, which has in recent years attracted both licensed and unlicensed operators amid concerns over consumer protection, predatory pricing and data privacy.
Market watchers say the forthcoming directive is expected to introduce minimum capital requirements, governance standards, and customer protection guidelines to streamline operations in the digital credit ecosystem.
Stakeholders, including fintech firms, savings and loans companies, and microfinance institutions, have been advised to take note of the development ahead of the release of the new licensing framework.
