The Bank of Ghana (BoG) is tightening the ropes on Ghana’s fast-rising online lending market with a new directive that takes effect from November 1, 2025. As part of the rules, any company offering digital credit services must now pay a GH¢20,000 ($1,600) licence fee and meet tough requirements aimed at protecting borrowers and bringing more order into the sector.
To qualify, applicants must show a minimum paid-up capital of GH¢2 million ($160,000), run a physical office in Ghana, and ensure at least 30 percent Ghanaian ownership. No individual will be allowed to control more than 90 percent of shares. On top of this, providers must present a business plan, risk management strategy, and proof of secure ICT systems before they can be licensed.
The central bank’s directive, backed by laws like the Non-Bank Financial Institutions Act and the Borrowers and Lenders Act, also comes with strict consumer safeguards. Lenders are required to disclose full loan details—principal, fees, interest, and repayment schedule—before any deal is signed. Aggressive recovery tactics such as harassment or public shaming have been banned, while borrower consent is now mandatory before sharing credit data.
From November 1, operating without a licence becomes a criminal offence. The BoG has the power to suspend or revoke licences for breaches, misrepresentation, or money-laundering offences. Officials say the new rules will help clean up the digital lending industry, protecting vulnerable borrowers while ensuring only credible players remain in the market.
