Bank of Ghana to Integrate AI into Collateral Registry to Boost Credit Access and Financial Inclusion

(3 Minutes Read)

The Bank of Ghana (BoG) plans to introduce advanced technology, including artificial intelligence (AI), to modernise its Collateral Registry. This move aims to enhance efficiency, security, and user experience while aligning with global standards. The technology upgrade will be followed by key legal and regulatory reforms to adapt to the changing credit landscape.

BoG is also strengthening collaborations with key institutions such as the DVLA, Registrar of Companies, IFC, and SECO to integrate best practices and technical expertise. Established in 2010 under the Borrowers and Lenders Act, the registry addresses prior challenges such as legal fragmentation and lack of transparency in secured lending.

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Speaking at the Registry’s 15th anniversary, First Deputy Governor Dr. Zakari Mumuni highlighted its transformative impact on access to credit, especially for small and medium-sized enterprises (SMEs), by allowing movable assets like vehicles and inventory to be used as collateral. Head of the department, Fred Asiama Koranteng, noted that the registry now records around 9,000 security interests weekly, with over 1.4 million entries as of 2024—a testament to its growing role in promoting financial inclusion and economic opportunity.