Credit Bureau Searches Surge 114.6% in 2024 on Back of Digital Loan Growth
Searches on the database of credit bureaus more than doubled in 2024, rising by 114.60% to 29,496,440 from 13,745,137 in 2023, the Credit Reporting Activity 2024 has revealed.
According to the report, the searches were conducted by financial institutions and other authorised users of the Credit Reference System, with the sharp increase largely driven by the expansion of digital loans offered by various lenders.
On a monthly basis, an average of 2,458,037 enquiries were made in 2024, representing a 16.24% rise compared to the 2,114,636 average recorded in 2023. The report noted that the sustained growth underscores the increasing integration of credit reports and histories into credit management processes across different types of institutions.
Borrower Profile Trends
The data showed that 55% of the searches targeted individual borrowers, while 44% were conducted to assess the creditworthiness of digital loan customers.
However, enquiries on corporate customers declined sharply from 472,579 in 2023 to 105,953 in 2024. This drop was attributed to a slowdown in private sector credit amid elevated interest rates, persistent cedi depreciation, high non-performing loan (NPL) ratios, and strategic lending decisions by financial institutions.
Interestingly, the fall in corporate credit enquiries contrasts with a 26.3% increase in nominal private sector credit in 2024, compared to 10.7% in 2023 — suggesting that lenders may be advancing larger loans to a smaller pool of corporate clients.
By contrast, enquiries on individual borrowers continued their upward trajectory, reflecting the growing role of credit reports in facilitating retail lending.
