Business & Finance

BoG Increases Minimum Capital For Credit Bureaus

The country’s Central Bank has revised one of its principal requirements for existing and upcoming credit bureaus in the country.

In a press statement, the Bank of Ghana (BoG) announced an increase in the minimum paid-up capital for credit bureaus in accordance with section 18 (3) of the Credit Reporting Act, 2007 (Act 726).

“The Bank of Ghana announces for the information of credit bureaus and the general public that it has revised upward, the minimum for existing credit bureaus and new entrants from GHS500,000:00 (Five Hundred Thousand Ghana Cedis) to GH$6,000,000.00 (Six Million Ghana Cedis),” it said.

The revision took effect earlier this month, it said.

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By this, it stated that existing credit bureaus must meet the requirement by the end of January 2025 while potential bureaus are to meet the target for a licence.

“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,” it justified.

It added 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).

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