Banks accounted for 86% total enquiries for credit in 2025

In 2025, banks dominated credit-related inquiries, accounting for 86.28% of all such requests, according to a report by the Bank of Ghana. This dominance has persisted through the years, driven by the rising number of mobile money loans and payroll lending. Microfinance and Microcredit institutions, on the other hand, saw a slight decline in inquiries, dropping from 8.82% in 2024 to 8.47% in 2025.

Searches conducted by savings and loan companies, as well as other entities, also decreased compared to the previous year. The credit enquiries for applications, bureau searches, and loan recoveries amounted to 87.21%, 10%, and 3% respectively. The use of credit bureau services for credit monitoring purposes by financial institutions surged by 199.71% compared to the previous year, a trend attributed to the growth in mobile money loans and payroll lending.

All licensed credit bureaus actively participated in selling credit reports and other services to financial institutions. They received and submitted the same number and type of data as required by the Bank of Ghana, as per Section 58 of the Credit Reporting Act, 2007 (Act 726). The report provided a detailed breakdown of how inquiries were distributed among the three licensed credit bureaus, offering valuable insights for regulators, industry participants, and the public.