— Move to Curb Predatory Practices, Boost Consumer Protection in Fintech Sector
Accra, Oct. 15 — The Bank of Ghana (BoG) is stepping up efforts to regulate the country’s fast-growing digital lending space with the introduction of its Digital Credit Directive, which takes effect in November 2025.
The move, according to the central bank, is designed to tackle irresponsible lending practices, protect consumers from exploitative interest rates, and bring sanity and transparency to Ghana’s digital credit ecosystem.
Speaking at the MoMo Fintech Stakeholder Forum in Accra, Mrs. Matilda Asante-Asiedu, Second Deputy Governor of the BoG, said the directive would ensure that digital lenders operate within a regulated framework that prioritizes consumer safety and financial stability.
“From November 3, the Bank will begin receiving applications for digital credit licences. The aim is to operationalise the Digital Credit Directive while expanding our financial literacy and redress mechanisms across the country,” she announced.
She explained that the directive forms part of BoG’s broader digital finance reforms aimed at balancing innovation with responsibility. It also aligns with plans to roll out a virtual assets licensing regime, creating a safer environment for fintech growth.
Protecting Borrowers, Strengthening Oversight
The introduction of the Digital Credit Directive follows growing concerns about the unregulated proliferation of online lending platforms, many of which have been accused of charging excessive rates, violating data privacy, and harassing borrowers.
By licensing and monitoring digital lenders, the BoG hopes to ensure that credit services are extended responsibly, with mechanisms for redress and accountability.
Fintech Industry Welcomes the Move
Mr. Shaibu Haruna, Chief Executive Officer of MTN MobileMoney Services, lauded the directive as a timely intervention that would foster transparency and consumer trust in Ghana’s digital financial ecosystem.
“This policy ensures that digital lending is done responsibly and transparently. It puts the right guardrails in place so that borrowers are not overburdened and lenders operate within defined ethical limits,” he said.
Mr. Haruna added that responsible credit growth would also stimulate economic expansion, given credit’s proven role as a multiplier in modern economies.
Part of a Broader Fintech Reform Agenda
The BoG has over the years introduced several frameworks to strengthen the financial technology space, including the Payment Systems and Services Act, 2019 (Act 987), and guidelines for electronic money issuers and payment service providers.
The upcoming digital credit licensing regime is expected to consolidate these reforms, promote financial inclusion, and enhance public confidence in digital financial services.
Organised by MobileMoney Limited, a subsidiary of MTN Ghana, the Fintech Forum brought together regulators, innovators, and financial service providers to discuss how collaboration can shape a responsible and sustainable future for Ghana’s digital economy.
