BoG to implement Digital Credit Directive from November to strengthen fintech regulation and consumer protection

The Bank of Ghana (BoG) will begin implementing its Digital Credit Directive in November, a landmark move aimed at tightening regulatory oversight and promoting responsible innovation in the country’s growing fintech sector.

Beginning November 3, the central bank will start receiving applications for digital credit licences, marking a decisive step toward the formalisation of digital lending in Ghana’s financial ecosystem.

Announcing the initiative at the MoMo Fintech Stakeholder Forum in Accra on Wednesday, Mrs Matilda Asante-Asiedu, the Second Deputy Governor of the BoG, said the directive is designed to ensure that digital lending services are delivered responsibly and with strong consumer protection frameworks.

“In the near term, what we intend to do is to operationalise the Digital Credit Directive and roll out our virtual assets licensing regime and expand financial literacy as well as the redress mechanism across the country,” she stated.

She added that from November 3, the Bank would begin accepting applications from entities seeking to operate within the digital credit space. “If that is an area you’re interested in, certainly that’s something to take note of,” she said.

Mrs Asante-Asiedu explained that the new directive is part of BoG’s broader effort to promote innovation while safeguarding financial stability and consumer trust. She said the virtual assets licensing framework and expansion of financial literacy and grievance redress systems would help build a safer, more inclusive financial landscape.

Welcoming the announcement, Mr Shaibu Haruna, Chief Executive Officer of MTN MobileMoney Services, described the policy as a timely intervention that would enhance transparency and responsible lending practices in the fintech space.

“I think the idea around the policy is to ensure transparency and responsible lending and is geared towards making sure we don’t overburden people with borrowing,” Mr Haruna said. “This framework gives some guardrails in terms of how digital lending is done and creates responsibility on all of us to protect consumers and enforce stronger regulations and compliance in the industry.”

He added that improved access to credit would also drive economic growth, noting that “most advanced economies are where they are today because of the power of credit.”

The MoMo Fintech Stakeholder Forum, organised by MobileMoney Limited, a subsidiary of MTN Ghana, convened regulators, fintech innovators, and financial service providers to discuss policy trends and collaboration opportunities in Ghana’s digital finance space.

In recent years, the BoG has introduced several key reforms to strengthen the fintech regulatory landscape, including the Payment Systems and Services Act, 2019 (Act 987), and guidelines for electronic money issuers and payment service providers.

The upcoming operationalisation of the Digital Credit Directive is expected to consolidate these reforms and deepen financial inclusion across the country.