BoG puts digital credit services under regulation to boost financial inclusion

By Joshua Worlasi AMLANU

The Bank of Ghana has formally designated digital credit services as a non-bank financial service, bringing the financial sector’s fast-expanding segment under regulatory oversight.

In a notice issued on Friday, August 29, the central bank said this classification falls under the First Schedule of the Non-Bank Financial Institutions Act, 2008 (Act 774). The step is part of efforts to broaden access to financial services and promote financial inclusion, a policy area Governor Dr. Johnson Pandit Asiama has identified as one of his key priorities.

Digital credit services, often delivered via mobile applications and fintech platforms, have grown in popularity across Ghana; providing small-ticket and short-term loans to individuals and businesses outside traditional banking channels. By bringing them under its non-bank financial services framework, the regulator aims to improve supervision, protect consumers and encourage responsible lending practices.

The Bank emphasised that this designation does not grant automatic authorisation to existing operators. “This Notice does not confer automatic authorisation or licence to provide digital credit services on all entities which currently provide services and operate under the First Schedule of Act 774,” it said.

The central bank will issue a directive in due course to outline licencing requirements for service providers.

This development aligns with Dr. Asiama’s broader financial inclusion agenda, which he outlined during his swearing-in earlier this year.

He described financial inclusion and innovation as critical to promoting inclusive economic growth, reducing poverty, empowering individuals and safeguarding the financial system’s stability.

“We will introduce a digital strategy to adapt in the digital age, improve our operations and better serve the needs of our stakeholders,” he said at the time.

He also pledged continued support for initiatives that expand access to financial services, especially in underserved communities, by leveraging fintech and mobile banking solutions.

Dr. Asiama further committed to working with banks, start-ups and international partners to build a stronger digital finance ecosystem that supports secured transactions, faster cross-border payments and broader financial accessibility. A clear regulatory framework for digital assets, he added, will also be pursued to ensure innovations are introduced in a safe and structured manner.

The formal recognition of digital credit services marks an important step in translating these commitments into action. The move is expected to enhance transparency and trust in the sector, making digital lending more attractive to consumers while reducing risks associated with unregulated operators.

Financial inclusion remains a policy priority for government, as many small businesses and individuals still struggle to access affordable credit. By regulating digital credit, the Bank of Ghana hopes to improve oversight, enhance data reporting and ensure fair lending conditions.

The central bank has urged stakeholders to take note of the designation and prepare for a forthcoming directive on licencing and operations.

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