The Bank of Ghana (BoG) has intensified its efforts to rid the financial sector of unlicensed digital lenders, with plans to publish a weekly list of operators providing digital credit services without the central bank’s approval.
Governor of the Bank of Ghana, Dr Johnson Asiama, announced the measure during the post-131st Monetary Policy Committee (MPC) engagement with heads of banks in Accra.
He said the weekly publication forms part of broader measures to strengthen oversight of the rapidly expanding digital lending industry and prevent unlicensed operators from providing credit services to the public.
Dr Asiama said law-enforcement and other regulatory agencies were also taking action against digital credit providers that operate outside the law, with the aim of removing non-compliant entities from the market.
He also cautioned commercial banks to exercise greater care when dealing with digital lending companies, particularly before entering into partnerships or other business arrangements.
“Banks are encouraged to exercise heightened due diligence when engaging digital credit service providers and should verify the licensing status of such entities with the Bank of Ghana before establishing any partnership or business relationship,” he said.
The Governor said the Bank’s measures were necessary to ensure that only authorised operators remained in the digital lending space, while strengthening consumer protection and confidence in the financial sector.
He added that relevant law-enforcement and regulatory agencies would continue to work together to facilitate the removal of operators that fail to meet the requirements of the law.
The Bank of Ghana’s latest move comes as digital lending continues to expand, increasing the need for stronger regulatory oversight to ensure that providers operate within the approved legal and regulatory framework.
