The Bank of Ghana (BoG) will begin implementing its Digital Credit Directive in November to enhance regulatory oversight and promote responsible innovation in the fintech sector.
The central bank will start receiving applications for digital credit licences from November 3, marking a significant step toward formalising digital lending in Ghana’s financial ecosystem.
Mrs Matilda Asante-Asiedu, Second Deputy Governor of the BoG, announced this at the MoMo Fintech Stakeholder Forum held in Accra on Wednesday.
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She said the directive aims to ensure that digital lending services are delivered responsibly, with strong consumer protection measures in place.
“In the near term, what we intend to do is to operationalise the Digital Credit Directive and roll out our virtual assets licensing regime and expand financial literacy as well as the redress mechanism across the country,” she stated.
“We expect that from November 3, applications will now be received for digital credit. So, if that is an area you’re interested in, certainly that’s something to take note of,” she added.
Mrs Asante-Asiedu said the initiative forms part of the Bank’s broader agenda to promote innovation while maintaining financial stability and consumer trust.
She noted that the virtual assets licensing framework and the nationwide expansion of financial literacy and redress systems would support a safer and more inclusive financial environment.
Mr Shaibu Haruna, Chief Executive Officer of MTN MobileMoney Services, welcomed the move, describing it as a timely intervention to enhance transparency and responsible lending in the fintech ecosystem.
“I think the idea around the policy is to ensure transparency and responsible lending and is geared towards making sure we don’t overburden people with borrowing.
“This framework gives some guardrails in terms of how digital lending is done and creates responsibility on all of us to protect consumers and enforce stronger regulations and compliance in the industry,” he said.
Mr Haruna added that the framework would also stimulate economic growth by improving access to credit.
“This market needs growth in credit because credit tends to have a multiplier effect on the economy. Most advanced economies are where they are today because of the power of credit,” he said.
The MoMo Fintech Stakeholder Forum, organised by MobileMoney Limited, a subsidiary of MTN Ghana, brought together regulators, fintech innovators, and financial service providers to discuss emerging trends, policy developments, and collaboration opportunities in Ghana’s digital finance sector.
In recent years, the BoG has introduced several reforms to strengthen the fintech regulatory landscape, including the Payment Systems and Services Act, 2019 (Act 987), and guidelines for electronic money issuers and payment service providers.
The operationalization of the Digital Credit Directive is expected to consolidate these reforms and deepen financial inclusion nationwide.
GNA
