Banking and financial consultant, Dr. Richmond Atuahene, has welcomed the Bank of Ghana’s (BoG) latest notice on Digital Credit Services, describing it as a necessary step to bring order to a space that has grown rapidly but remained largely unregulated.
Dr. Atuahene has observed that digital credit services have become an integral part of Ghana’s financial ecosystem, offering millions of Ghanaians instant loans through mobile money and apps.
Unfortunately, the lack of clear regulation has raised issues around predatory lending, customer data abuse, and systemic risk to the wider financial sector.
In an interview with The High Street Journal, Dr. Atuahene noted that the notice signals the central bank’s intention to rein in and formalize the sector, ensuring digital lenders operate under clear rules that protect borrowers while safeguarding financial stability.
He, however, suspects that the Bank of Ghana is preparing to amend the first schedule of the Non-Bank Financial Institutions (NBFI) Act, 774, to explicitly include digital credit services under its ambit.
While this move would provide some clarity, Dr. Atuahene argues that the sheer size and complexity of the industry may require a standalone Act tailored to digital lending, rather than simply adding it to existing frameworks.
“This is a step in the right direction,” he noted, adding that a whole new Act would have been better,” he said.
The notice reflects BoG’s recognition that digital lending is no longer a fringe service but a financial activity shaping household consumption, small business survival, and even the banking sector’s liquidity.
Regulating the industry will not only protect vulnerable borrowers from excessive interest rates but also foster trust and sustainability in Ghana’s fast-evolving digital economy.
