Bank of Ghana Designates “Digital Credit Services” as a Non-Bank Financial Service
- The Bank of Ghana has designated Digital Credit Services as a Non-Bank Financial Service under the Non-Bank Financial Institutions Act.
- This designation aims to bring mobile/app-based lending under a regulatory framework.
- The BoG's intent is to promote financial inclusion while curbing bad actors in the digital lending space.
The Bank of Ghana's move to regulate digital lending is a significant step towards ensuring consumer protection and fostering a healthier financial ecosystem. However, the effectiveness of these regulations will depend on the clarity and enforcement of the upcoming Directive, which must balance innovation with the need to protect consumers from predatory practices.
