Bank of Ghana steps up crackdown on unlicensed digital lenders

Johnson Asiama The Bank of Ghana (BoG) has intensified its efforts to rid the financial sector of unlicensed digital lenders, with plans to publish a weekly list of operators providing digital credit services without the central bank’s approval.“Banks are encouraged to exercise heightened due diligence when engaging digital credit service providers and should verify the licensing status of such entities with the Bank of Ghana before establishing any partnership or business relationship,” he said.

The Bank of Ghana’s latest move comes as digital lending continues to expand, increasing the need for stronger regulatory oversight to ensure that providers operate within the approved legal and regulatory framework.