Bank of Ghana Governor Johnson Asiama outlined heightened action against unlicensed digital lenders and urged banks to verify the licensing status of digital credit service providers before entering partnerships or business relationships. The central bank has begun publishing weekly lists of entities identified as providing digital credit without approval, while law enforcement and regulatory agencies are taking steps to remove noncompliant operators from the market. The governor also called on banks to strengthen controls and customer engagement in response to increased dud cheque incidents and noncompliance. He encouraged lenders to develop flexible products for small and medium-sized enterprises, particularly agricultural businesses, and to expand diaspora offerings beyond remittance transfers into savings and investment products. A recent Bank of Ghana survey found that banks generally lack dedicated, off-the-shelf investment products for the Ghanaian diaspora. The remarks also reviewed the July 2026 decision to keep the Monetary Policy Rate at 14%, alongside stronger banking indicators. The sector’s Capital Adequacy Ratio rose to 20.4% in June from 10.6% a year earlier, while the nonperforming loan ratio fell to 16.1% from 23.1%.
Bank of Ghana2026-08-12
Bank of Ghana intensifies action against unlicensed digital lenders and calls for stronger bank due diligence
The Bank of Ghana has begun publishing weekly lists of unlicensed digital lenders and urged banks to verify providers’ licensing status before doing business with them. It also called for stronger controls over dud cheques and more tailored agricultural, diaspora savings and investment products. The governor reiterated the July 2026 decision to hold the policy rate at 14%.