The Bank of Ghana has designated a new Digital Credit Service as a Non-Bank Financial Service under the First Schedule of the Non-Bank Financial Institutions Act, 2008 (Act 774).
This means that digital credit or loan services will now be required to operate under a license and will essentially be under the Bank of Ghana.
In a notice released on Friday August 29, the Bank of Ghana stated, “This initiative forms part of ongoing efforts to broaden access to the financial system with the view to promote financial inclusion.”
They however emphasized that this does not give the current service providers any automatic authorization or license to provide digital credit services.
The Bank of Ghana further stated that they will soon release guidelines for the things required for companies to be able to get licensed to offer digital credit services.
They advised all stakeholders to take note.
Read the full statement from the Bank of Ghana below.
