BoG Designates Digital Credit Services as Non-Bank Financial Service to Boost Financial Inclusion
The Bank of Ghana (BoG) has formally designated Digital Credit Services as a Non-Bank Financial Service under the First Schedule of the Non-Bank Financial Institutions Act, 2008 (Act 774).
The central bank said the move is part of ongoing efforts to broaden access to Ghana’s financial system and promote financial inclusion, particularly for underserved groups.
However, the BoG stressed that the notice does not automatically authorize existing entities to provide digital credit services. Instead, the regulator will issue a comprehensive directive in due course, outlining the licensing requirements and operational standards for providers.
“This initiative forms part of ongoing efforts to broaden access to the financial system with the view to promote financial inclusion,” the Bank stated in its notice, signed by Ms. Aimee V. Quashie, Secretary to the Bank.
The introduction of a regulated digital credit framework is expected to bring more structure to Ghana’s growing digital lending space, which has expanded in recent years through mobile money platforms, fintech startups, and app-based lenders. Analysts note that formal regulation will help protect consumers, enhance transparency, and ensure responsible lending practices.
Financial inclusion remains a key priority for the central bank, as millions of Ghanaians, particularly in rural areas, continue to rely on informal credit sources. By bringing digital credit into the regulated financial sector, the BoG aims to improve access to affordable credit, reduce exploitation by loan sharks, and build confidence in digital financial services.
The directive on licensing requirements is expected to be published soon, and stakeholders in the fintech and non-bank financial sectors are being urged to prepare for compliance.
