BoG Categorizes Digital Credit as Non-Banking Service in New Licensing Framework
The Bank of Ghana (BoG) has formally designated digital credit services as a non-bank financial service.
This decision introduces a new licensing category under the first schedule of the Non-Bank Financial Institutions Act, 2008 (Act 774), aiming to enhance financial access, promote financial inclusion, and increase regulated credit options for both individuals and businesses.
Nevertheless, the Central Bank emphasized that this announcement does not automatically confer authorization or licensing to current operators in the digital credit sector.
Instead, it plans to release a directive soon that will detail the licensing requirements and compliance obligations for digital lenders.
“The Bank of Ghana will in due course, issue a directive to lay out the licensing requirements for the provision of digital credit services. All stakeholders are advised to take note”, the Bank said in a statement on Friday, August 29, 2025.
The move is a major step as more Ghanaians turn to digital platforms for lending.
By DeStoryNews
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