The Bank of Ghana has expanded the scope of institutions required to participate in the national Credit Reporting System, directing telecom companies, utility providers and retail businesses offering credit to submit customer data to the system.
The directive forms part of measures to strengthen responsible lending practices and improve credit risk assessment across the country.
In a notice signed by Aimee Vyda Quashie, the Central Bank reminded affected institutions of their obligation under the Credit Reporting Regulations, 2020 (L.I. 2394), which expanded the categories of organisations required to share credit-related information.
Under the framework, institutions such as telecommunications operators, electricity and water service providers, mobile money operators, FinTech firms and retailers offering hire-purchase or instalment payment plans must provide relevant customer data to the system.
Government agencies that provide credit support to Micro, Small and Medium Enterprises as well as private and public student loan schemes and institutions issuing identification documents are also required to participate.
The credit reporting system, established under the Credit Reporting Act, 2007 (Act 726), allows lenders to access accurate and up-to-date information on borrowers’ credit history and repayment behaviour.
According to the Bank of Ghana, widening participation beyond traditional banks and financial institutions will enrich the national credit database by capturing payment patterns from non-bank sectors that frequently extend credit through post-paid services.
The Central Bank said the move would help lenders make better-informed decisions, reduce default rates and ensure fairer credit terms for borrowers with strong repayment records.
To facilitate the process, the Bank urged affected institutions to register with any of the three licensed credit bureaus — XDS Data Ghana Limited, Dun & Bradstreet Credit Bureau Ltd and My Credit Score Ltd — for onboarding and access to credit information services.
Institutions may also submit formal requests to participate through the Financial Stability Department at the Bank’s headquarters at Bank Square in Accra.
The Bank emphasised that participation in the Credit Reporting System was not only a regulatory requirement but also an important step toward strengthening transparency and integrity in Ghana’s credit market.
