The Bank of Ghana (BoG) has formally designated Digital Credit Services as a Non-Bank Financial Service under the First Schedule of the Non-Bank Financial Institutions Act, 2008 (Act 774).
The move forms part of the central bank’s ongoing efforts to broaden access to the financial system and strengthen its agenda of promoting financial inclusion across the country.
According to the Bank in a statement, this designation does not automatically authorise or license existing institutions to provide digital credit services.
Entities already operating under the First Schedule of Act 774 must await further regulatory guidance before offering such services.
The BoG emphasised that it will issue a detailed Directive in due course, outlining the licensing requirements, operational standards, and compliance obligations for the provision of Digital Credit Services.
The new designation signals the central bank’s recognition of the growing role of digital financial solutions in expanding credit access, particularly for underserved segments of the population.
The Bank of Ghana has, therefore, advised all stakeholders to take note of the development and prepare for the forthcoming Directive.
Meanwhile, the Bank of Ghana (BoG) has warned businesses and individuals to stop pricing, advertising, or demanding payment in foreign currencies, including the US dollar, for goods and services.
In a directive dated Wednesday, August 27, 2025, and signed by Ms. Aimee V. Quashie on behalf of the Secretary, the Central Bank ordered all institutions and individuals to cease unlicensed foreign exchange activities immediately.
The BoG emphasised that the Ghana Cedi is the sole legal tender. Except where duly licensed, no resident is permitted to invoice, quote, or transact in foreign currency.
Banned practices, the BoG said, include black market dealings of schools paying fees in dollars, vehicle and property sales or rentals, airline ticketing, hotel accommodation, online sales, and domestic contracts.
The directive noted that foreign currency invoicing is allowed only for expatriates or non-residents, with proceeds required to be paid into a Foreign Exchange Account at a licensed bank.
