The Bank of Ghana (BoG) has announced plans to introduce comprehensive Digital Lending Guidelines by August 2025 to tackle rising risks associated with online and mobile lending platforms in the country.
At the Post-Monetary Policy Committee (MPC) meeting with CEOs of Banks, BoG Governor Dr. Johnson P. Asiama described the move as an “urgent and necessary intervention” to protect vulnerable borrowers from exploitative practices.
“Too many Ghanaians, especially young people and informal workers, are being lured by online lending platforms that make bold promises, only to trap them in cycles of hidden fees, harassment, or worse,” Dr. Asiamah said.
The Governor disclosed that the central bank has received disturbing reports of borrowers being threatened, shamed, or scammed when accessing quick loans.
“We cannot allow this to continue,” he emphasized.
The forthcoming guidelines will set clear, enforceable standards for both bank-led and non-bank digital lending models, covering:
Licensing and authorization requirements
Transparency in disclosures and interest rates
Customer data protection and privacy
Ethical recovery and debt collection practices
Dr. Asiama stressed that the guidelines aim to protect consumers and foster a responsible, regulated digital lending ecosystem.
He called on banks and financial institutions involved in digital lending, directly or via fintech partners, to begin reviewing their operations ahead of the new framework.
“Let us work together to build a digital lending space that serves people with dignity, fairness, and integrity,” he added.
The Bank of Ghana’s intervention comes amid growing concern over unregulated lending apps and platforms that often operate without adequate oversight.
These guidelines are expected to bring much-needed structure and accountability, ensuring a safer environment for digital financial services to thrive.