Bank of Ghana classifies digital credit as non-bank financial service

The Bank of Ghana (BoG) has formally classified digital credit services as a non-bank financial service, introducing a new licensing category under the first schedule of the Non-Bank Financial Institutions Act, 2008 (Act 774).

According to the central bank, the move is designed to broaden financial access, deepen financial inclusion, and expand regulated credit options for individuals and businesses.

However, BoG clarified that this decision does not automatically grant authorisation or licensing to existing operators in the digital credit space.

“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 statement issued on Friday, August 29, 2025 said.