Bank of Ghana Designates Digital Credit as Non-Bank Financial Service in New Licensing Framework

The Bank of Ghana (BoG) has officially classified digital credit services as a non-bank financial service.

The move which creates a new licensing category under the first schedule of the Non-Bank Financial Institutions Act, 2008 (Act 774) seeks to broaden financial access, deepen financial inclusion and expand regulated credit options for individuals and businesses.

However, the Central Bank stressed that this announcement does not grant automatic authorisation or licensing to existing operators in the digital credit space.

Instead, it will soon issue a directive outlining licensing requirements and compliance obligations for digital lenders.

“The Bank of Ghana will in due course, issue a directive to lay out the licensing requirements for the provision of digital credit services. All stakeholders are advised to take note”, the Bank said in a statement on Friday, August 29, 2025.

The move is a major step as more Ghanaians turn to digital platforms for lending.