All eyes are on the Bank of Ghana (BoG) as it prepares to release comprehensive digital lending guidelines in August 2025, with widespread anticipation that the new regulations will tackle the high lending fees charged by many digital lenders.
Digital lending has rapidly become a vital credit source for many Ghanaians due to its convenience and accessibility. However, the high interest rates and hidden fees associated with these loans have left many borrowers, especially young people and informal workers, trapped in cycles of debt. The High Street Journal earlier this year called on the BoG to intervene and address these alarming rates.
Governor of the Bank of Ghana, Dr. Johnson Asiama, confirmed the upcoming guidelines during a recent meeting with bank CEOs. He highlighted rising concerns about the exploitative practices of some online lenders, noting that reports had emerged of borrowers being harassed, threatened, or scammed in the name of quick loans.
“We’ve received reports of individuals being threatened, shamed, or scammed, all under the guise of accessing quick loans,” Dr. Asiama said. “We cannot allow this to continue. The upcoming guidelines will bring clear, enforceable standards to both bank-led and non-bank digital lending models.”
According to the Governor, the guidelines will introduce a wide-ranging regulatory framework covering licensing and authorisation, interest rate transparency, data protection, and customer privacy. Ethical recovery and debt collection practices will also be a key focus.
Dr. Asiama stressed that the Central Bank’s priority is to protect borrowers, particularly the most vulnerable from exploitation while creating a stable, well-regulated environment in which responsible digital lenders, including fintech firms and banks, can thrive.
He urged all institutions engaged in digital lending, either directly or through third-party platforms, to assess their existing models and prepare for the forthcoming compliance requirements.
