By: Ruth Serwaa Asare
The Bank of Ghana (BoG) has officially designated Digital Credit Services as a Non-Bank Financial Service under the First Schedule of the Non-Bank Financial Institutions Act, 2008 (Act 774).
The announcement, contained in a public notice dated 29th August 2025, marks part of the central bank’s broader efforts to expand access to financial services and deepen financial inclusion in Ghana.
“This initiative forms part of ongoing efforts to broaden access to the financial system with the view to promote financial inclusion,” the statement explained.
However, the Bank clarified that the designation does not amount to an automatic license for institutions currently operating in the digital credit space. Companies offering such services will still be required to comply with future licensing directives. “This Notice does not confer automatic authorization or license to provide digital credit services on all entities which currently provide services and operate under the First Schedule of Act 774,” the Bank emphasized.
The BoG noted that it will, in due course, issue a specific Directive outlining the licensing requirements and regulatory framework for digital credit providers.
The notice, signed by Aimee V. Quashie (for the Secretary), urged all stakeholders to take note of the new designation and prepare to align with the forthcoming regulatory guidelines. This development is expected to bring greater oversight, standardization, and protection for both service providers and consumers within Ghana’s fast-growing digital credit sector.
