The Bank of Ghana has officially classified digital credit services as a non-bank financial service, bringing the rapidly growing sector under regulatory oversight.
The central bank made the announcement on Friday, August 29, noting that the classification falls under the First Schedule of the Non-Bank Financial Institutions Act, 2008 (Act 774). The move is aimed at expanding access to financial services and promoting financial inclusion, a key priority for Governor Dr. Johnson Pandit Asiama.
Digital credit services, often delivered via mobile apps and fintech platforms, have become increasingly popular across Ghana. They provide small and short-term loans to individuals and businesses outside traditional banks. By regulating this sector, the Bank of Ghana hopes to improve supervision, protect consumers, and encourage responsible lending practices.
The central bank stressed that the classification does not automatically authorize 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,” the statement said.
A directive detailing licensing requirements for service providers will be issued in the near future.
This regulatory step is part of Dr. Asiama’s broader financial inclusion agenda. During his swearing-in earlier this year, he highlighted financial inclusion and innovation as key drivers of economic growth, poverty reduction, and financial system 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.
Dr. Asiama also pledged to support initiatives that expand access to financial services in underserved areas through fintech and mobile banking solutions. He emphasized collaboration with banks, start-ups, and international partners to strengthen the digital finance ecosystem. This includes secure transactions, faster cross-border payments, and broader access to financial services.
The Bank of Ghana also plans to create a clear regulatory framework for digital assets to ensure that innovation in financial services occurs safely and in a structured manner.
The formal recognition of digital credit services is seen as a significant step toward turning these commitments into practical action. It is expected to increase transparency and trust in the sector, making digital lending more attractive to consumers and reducing the risks posed by unregulated operators.
Financial inclusion remains a top policy focus, as many small businesses and individuals still face challenges in accessing affordable credit. By regulating digital credit, the Bank of Ghana aims to enhance oversight, improve data reporting, and ensure fair lending practices across the industry.
The central bank has urged stakeholders to take note of the new designation and prepare for forthcoming guidelines on licensing and operations.
