BoG Designates Digital Credit Services As Non-Bank Financial Service

The Bank of Ghana (BoG) has designated Digital Credit Services as a Non-Bank Financial Service under the First Schedule of Act 774.

In a press statement, the central bank said the initiative formed part of ongoing efforts to broaden access to the financial system to promote financial inclusion.

The Bank emphasised that this Notice does not confer automatic authorisation or licence to provide digital credit services on all entities which currently provide services and operate under the First Schedule of Act 774.

It added, “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.”

Story by Hajara Fuseini

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