(3 Minutes Read)
The Bank of Ghana (BoG) is set to release comprehensive digital lending guidelines by August 2025, aimed at curbing the exploitation of consumers by unregulated online lending platforms.
Speaking in Accra on Thursday, Governor Dr. Johnson Asiama noted that the Central Bank’s intervention follows a surge in complaints about unethical practices by digital lenders, especially those targeting young people and informal workers. Victims have reported being misled by deceptive offers, only to face hidden fees, aggressive debt collection tactics, and harassment.
“We’ve received reports of individuals being threatened, shamed, or scammed, all under the guise of accessing quick loans,” Dr. Asiama told the Chief Executive Officers of banks. “We cannot allow this to continue.”
The forthcoming guidelines will introduce clear, enforceable standards across bank-led and non-bank lending models. These include licensing requirements, transparent interest rates, consumer data protection, and ethical recovery practices. Dr. Asiama emphasised that the primary aim is to protect vulnerable borrowers while fostering a responsible digital lending ecosystem.
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He urged institutions engaged in digital lending—whether directly or via third parties—to assess their current practices and prepare for compliance. While digital lending holds promise for financial inclusion, the sector currently faces pressing challenges, such as unethical collection methods, data privacy violations, low financial literacy, and widespread consumer mistrust—issues the new framework seeks to address for long-term sustainability and trust.
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