Bank of Ghana to License Digital Credit Providers From November
The Bank of Ghana will begin accepting applications for digital credit service provider licences from November 3, as the central bank moves to regulate the fast-growing sector of mobile-based lenders.
The regulator said it had issued a directive setting out licensing requirements for institutions seeking approval. “The directive has specified all who qualify to apply for this licence,” it noted, urging prospective applicants to familiarise themselves with the rules before applying.
Digital credit services, delivered largely via mobile apps and fintech platforms, typically provide short-term, small-ticket loans to consumers and businesses outside traditional banking channels. The central bank formally designated such services as non-banking activities in August, citing the need to improve oversight and broaden financial inclusion.
Under the new regime, providers must hold minimum paid-up capital of GHS 2m, maintain a transaction limit of GHS 10,000 and pay GHS 20,000 for a licence, which will be renewable every two years. Applications are to be submitted through the Bank’s Online Regulatory Analytics Surveillance System.
Officials emphasised that the notice does not grant automatic authorisation to existing operators. “Prospective applicants are required to adequately acquaint themselves with the directive and comply accordingly,” the central bank said.
The licensing drive underscores Ghana’s efforts to bring fintech-led lending into the formal regulatory framework, balancing innovation with consumer protection and financial stability.
