Bank of Ghana steps up crackdown on unlicensed digital lenders
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.
The Bank of Ghana (BoG) has stepped up its efforts to eliminate unlicensed digital lenders from the financial sector, announcing plans to publish a weekly list of operators providing digital credit services without central bank approval. Governor Dr Johnson Asiama revealed this during a post-131st Monetary Policy Committee meeting with bank executives in Accra.
The weekly publication aims to bolster oversight of the rapidly growing digital lending industry and deter unlicensed operators from offering credit services to the public. Asiama emphasized that law enforcement and other regulatory agencies would also target non-compliant digital credit providers, seeking to eliminate them from the market.
He advised commercial banks to conduct thorough due diligence when interacting with digital lending companies, verifying their licensing status with the BoG before forming any partnerships or business arrangements. The governor stressed that these measures are crucial for maintaining a market dominated by authorized operators, bolstering consumer protection, and fostering trust in the financial sector.
As the demand for digital lending escalates, the BoG's latest initiative reflects the growing need for stricter regulatory oversight to ensure compliance with legal and regulatory requirements.
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