BoG expands Credit Reporting System to include telcos, fintechs, others
The Bank of Ghana (BoG) has expanded its Credit Reporting System (CRS) to include a new set of institutions.
In a notice issued by the Central Bank, telecommunication companies, Financial Technology Companies (FinTechs), mobile money operators among others, are the new set of institutions included in the CRS.
The Credit Reporting System is a database established under Sections 24 and 26 of Act 726 and Regulation 22 of the Credit Reporting Regulations, 2020 with the aim to promote the sharing of information on the credit history of debtors with lenders and other users of the CRS.
According to the BoG, credit information sharing is beneficial to both lenders and borrowers/debtors as it helps lenders/creditors better assess the credit risk of each borrower/debtor. It also helps to facilitate the delivery and pricing of credit on a differentiated basis.
Read: Guaranty Trust Bank posts 0.96% NPL for Q2 2021
The Central Bank in its notice asserts that, eligible participants in the CRS are required to:
- Provide credit information on their customers to all Credit Bureaus licensed by the Bank of Ghana within seventy two (72) hours after entering into a credit agreement or facility; and
- Obtain credit reports on prospective customers before concluding credit transactions with such customers.
Find below the list of institutions included in the CRS:
BOG Notice No. BG GOV SEC 2021 13 Requirement to Paticipate in the Credit Reporting System by Fuaad Dodoo on Scribd
