This represented a 455.0% increase compared to 3,820,194 records submitted in the previous year.

Out of the total average submissions in 2023, 99% of these records were made up of data on individual borrowers.

This significant increase is attributed to improvement in the submission of digital loan data to credit bureaus.

S&Ls, finance houses submitted most individual loan data

Savings and loans companies and finance houses submitted the most individual loan data followed by banks and microfinance companies.

Banks submitted the highest number of business loan records accounting for 67.6% of total business loans. This was consistent with previous years.

The Bank of Ghana said it observed that while there was a significant increase in individual loan data submission by rural banks and microfinance companies, their corresponding records for business loans rather reduced significantly.

This was an indication of a rapid paradigm shift in SDIs focusing more on payroll and digital lending.

To curb this menace, the Bank of Ghana said it has intensified its sensitisation of the general public on the ramification for issuance of dud cheques.

As such, customers through sensitisation are informed about the negative implications of dud cheques on their ability to secure new credits. In addition to this, culprits risk the chance of being sanctioned by the Bank of Ghana.

The sanctions involve culprits being barred from accessing credit facilities and issuing cheques for a period of three years.

Source: Joy Business

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The Bank of Ghana in a statement explained that the revision is in accordance with section 18 (3) of the Credit Reporting Act, 2007 (Act 726), and takes effect from Monday, 20th November, 2023 under the following conditions.

“Existing credit bureaus have up to the end of January 2025 to meet the new minimum paid up capital and shall always maintain an unimpaired minimum capital of GHS6,000,000 going forward”, the statement said.

It added that notwithstanding the deadline specified above, early recapitalisation is strongly encouraged.

“All new and pending applications for credit bureau licence are required to meet the new minimum capital requirement of GHS6,000,000.00 appropriately invested in assets determined by the Bank of Ghana”.

The Bank of Ghana warned that Non-compliance with the new minimum paid up capital requirement shall be dealt with in accordance with section 11(1)(e) of the Credit Reporting Act, 2007 (Act 726).

Providing more reasons for the action, the statement said the directive is to strengthen the credit reporting regime and to ensure that credit bureaus are well capitalised to invest, to maintain robust information technology infrastructures and systems and to provide effective credit reporting services, under the Credit Reporting Act 726 and Regulations.

“All credit bureaus and prospective applicants for credit bureau licences should take note and be guided accordingly”.