The Bank of Ghana has intensified its crackdown on unlicensed digital lenders.
Governor of the bank, Dr. Johnson Asiama, has announced the weekly publication of entities found to be providing digital credit services without the central bank’s approval.
Speaking at the post-131st Monetary Policy Committee (MPC) engagement with heads of banks in Accra, Dr. Asiama said the move is part of broader efforts to remove non-compliant operators from the financial sector.
The Governor said relevant law-enforcement and regulatory agencies are also taking steps against operators who fail to comply with the law.
He further cautioned commercial banks to conduct proper due diligence before partnering with digital credit providers.
“Banks are encouraged to exercise heightened due diligence when engaging digital credit service providers and should verify the licensing status of such entities with the Bank of Ghana before establishing any partnership or business relationship.” He said.
Dr. Asiama said the Bank of Ghana’s action is intended to strengthen oversight of the rapidly growing digital lending space and ensure that only authorised operators provide credit services to the public.
“Relevant law enforcement and regulatory agencies are also taking action to facilitate the removal of non-compliant operators from the market.” He added.
By Bismark Awusah
