Credit reporting activity in Ghana surged dramatically in 2024, as financial institutions increasingly turned to data-backed decision-making in credit appraisals, loan recovery, and Know Your Customer (KYC) procedures.
According to the Bank of Ghana’s latest Credit Reporting Activity report, the number of enquiries made on credit reference bureau databases reached an all-time high of nearly 30 million, more than doubling the 13 million recorded in 2023. The report links the growth to “the increasing reliance on credit histories across the financial ecosystem.”
Monthly, an average of 2.46 million enquiries were made in 2024 a 16.24% rise over the 2023 monthly average. This signals an accelerated integration of credit reporting into credit risk management, particularly among mainstream banks.
Banks Dominate Credit Checks
Commercial banks led the surge, accounting for 84.93% of all enquiries in 2024 up from 77.83% the previous year. These institutions conducted over 13.5 million searches, underlining their growing appetite for credit data to enhance lending decisions.
In contrast, microfinance and microcredit institutions accounted for 8.82% of searches in 2024, down from 11.0% in 2023.
Fintechs and Individuals in the Spotlight
The report also reveals that 55% of all credit enquiries focused on individual borrowers, while 44% targeted digital loan customers. This reflects the rising influence of fintechs and digital lending platforms in shaping Ghana’s evolving credit landscape.
A key development was the 190.33% surge in credit data submissions rising from 21 million monthly in 2023 to 61 million in 2024. Notably, 99.7% of submitted records pertained to individuals, driven by the rapid expansion of digital lending activity.
Data Quality and Hit Rates Improve
The quality of information in the system also saw marked improvements. In 2024, 76% of credit searches returned a “hit”meaning relevant demographic or financial data was available compared to 72% in 2023.
This improvement, the central bank noted, was due to increased compliance, better data submission practices, and stronger collaboration among stakeholders.
BoG Endorses Credit Scoring and Cross-Border Reporting
In a move to modernize the credit ecosystem, the Bank of Ghana has officially approved the rollout of credit scoring services by licensed credit bureaus. MyCredit Score Limited has already launched its product, while Dun & Bradstreet Credit Bureau Limited has also introduced a scoring solution.
In a landmark step toward financial globalization, the BoG has also sanctioned a cross-border credit referencing agreement between XDS Data Ghana Limited and Nova Credit Inc., USA. The agreement allows Ghanaians living abroad to transfer their credit history to foreign lenders, easing access to international credit services.
Stronger Regulation Ahead
The Bank of Ghana commended the progress made in 2024, citing improved public awareness, a drop in dud cheque incidents, and rising demand for credit reports as signs of a more robust system. However, it pledged to maintain strict oversight.
“We will continue to monitor the activities of data providers closely to ensure full compliance,” the Bank stated, reaffirming its commitment to building “a transparent, inclusive, and resilient credit environment to support sustainable economic growth.”
In a nutshell, the report indicates that Ghana’s credit landscape is becoming more data-driven, tech-enabled, and internationally aligned setting the stage for a smarter and more secure financial future.
