Bank of Ghana Implements Licensing Rules for Digital Lenders
The Bank of Ghana is introducing new regulations aimed at governing the fast-growing digital lending sector. This move, effective November 3, 2025, will require digital credit providers to obtain licenses from the Central Bank, bringing increased scrutiny and oversight to the microloan industry. This aims to ensure responsible lending practices within the burgeoning fintech space in Ghana.
Key Requirements for Digital Credit Providers
The new licensing framework, announced on September 23, outlines several key requirements for digital lenders. Firstly, applicants must pay a GH¢20,000 license fee. Secondly, a minimum capital requirement of GH¢2 million is stipulated, with proof of funds needing to be presented through corporate accounts. Additionally, the directive introduces transaction limits, capping individual loans at GH¢10,000 to manage lending volumes and mitigate associated risks. Alongside financial requirements, applicants must submit comprehensive documentation, including detailed five-year business plans, product outlines, and other crucial information.
The Bank of Ghana’s new licensing rules represent a significant step towards regulating the digital lending landscape within Ghana. These measures aim to enhance consumer protection and ensure the stability and integrity of the financial sector. The implementation of these requirements signals a commitment to fostering a more controlled and accountable environment for digital credit providers.
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