The Bank of Ghana (BoG) will begin enforcing its Digital Credit Directive in November as part of efforts to strengthen regulatory oversight and encourage responsible innovation within the fintech industry.
Starting November 3, the central bank will begin accepting applications for digital credit licences, marking a major milestone in the formalisation of digital lending in Ghana’s financial sector.
The announcement was made by Mrs. Matilda Asante-Asiedu, Second Deputy Governor of the BoG, during the MoMo Fintech Stakeholder Forum held in Accra on Wednesday. She explained that the directive is designed to ensure that digital lending is conducted responsibly, with strong consumer protection measures in place.
“In the near term, we plan to operationalise the Digital Credit Directive, implement our virtual assets licensing regime, and expand both financial literacy and redress mechanisms nationwide,” she said. “From November 3, applications for digital credit licences will be open, so those interested should take note.”
Mrs. Asante-Asiedu added that this initiative is part of the central bank’s broader strategy to foster innovation while preserving financial stability and consumer confidence. The introduction of the virtual assets licensing framework and the expansion of financial literacy and complaints systems will, she noted, create a safer and more inclusive financial environment.
Mr. Shaibu Haruna, Chief Executive Officer of MTN MobileMoney Services, welcomed the move, describing it as a timely measure to improve transparency and responsible lending in the fintech space.
“The purpose of the policy is to ensure responsible lending practices and prevent excessive borrowing. It establishes clear guidelines for digital lending, helping protect consumers while strengthening regulatory compliance,” he said.
He further emphasized that the new framework will help boost economic growth by expanding access to credit, noting that “credit has a multiplier effect on the economy, and many developed countries owe their progress to the power of credit.”
The MoMo Fintech Stakeholder Forum, organised by MobileMoney Limited, a subsidiary of MTN Ghana, brought together regulators, fintech players, and financial institutions to discuss current trends, policies, and partnership opportunities in Ghana’s digital finance sector.
In recent years, the Bank of Ghana has rolled out several initiatives to strengthen the fintech regulatory framework, including the Payment Systems and Services Act, 2019 (Act 987), and operational guidelines for electronic money issuers and payment service providers.
The rollout of the Digital Credit Directive is expected to build on these reforms, further promoting financial inclusion and consumer protection across the country.
Source: myghanadaily
