The Bank of Ghana is finalizing digital lending guidelines. These are expected to be issued by August 2025. The goal is to prevent public exploitation by online lenders.
Governor Dr. Johnson Asiama announced this in Accra on Thursday. He highlighted concerns about online platforms exploiting Ghanaians, especially young people and informal workers. Many are lured by attractive promises but end up facing hidden fees and harassment.
At a meeting with bank CEOs, Dr. Asiama stated, “We’ve received reports of threats and scams related to quick loans.” He added, “We cannot allow this to continue.” The new guidelines will set clear standards for both bank-led and non-bank digital lending.
These rules will cover licensing, disclosure, interest rate transparency, data protection, and customer privacy. They will also address ethical recovery practices. Dr. Asiama emphasized the Central Bank’s aim to protect vulnerable borrowers from exploitation.
He encouraged institutions involved in digital lending to review their models for compliance. While Ghana’s digital lending has potential for financial inclusion, it faces many challenges.
These challenges include unethical debt collection practices and data privacy risks. There is also limited financial literacy among consumers and a general lack of trust in the system.
