Bank of Ghana sets new rules for fintech growth
Ghana’s central bank will accept applications for digital credit licenses starting on November 3 as officials work to regulate online lending. Matilda Asante-Asiedu from the Bank of Ghana said regulators found over 400 illegal digital lenders operating in the country. The bank launched its Digital Credit Directive last month, requiring transparent terms and responsible lending practices.
Asante-Asiedu spoke at a financial technology conference in Accra, organized by MobileMoney Ltd. Officials estimate Ghana has between 2 million and 5 million digital credit users. The bank is finishing draft legislation to govern virtual asset service providers as cryptocurrency use grows across the nation.
Shaibu Haruna from MobileMoney Ltd told more than 200 participants that regulators and technology companies must work together on digital finance policies. Conference attendees discussed ways to expand financial access while protecting consumers. Asante-Asiedu said the bank supports new technologies that serve customers while maintaining the safety of the financial system.
