By Jibril Abdul Mumuni, GNA
Accra, March 10, GNA – The Bank of Ghana has had directed a wider range of institutions including telecommunication companies, utility providers, retailers and post‑paid service operators to join the national Credit Reporting System (CRS).
This forms part of efforts to strengthen responsible lending and improve credit risk assessment across the country.
The reminder, contained in a notice signed by Ms Aimee Vyda Quashie, Acting Secretary of the Bank, follows an earlier notice issued in 2021, which expanded the categories of institutions obligated to share credit information in accordance with the Credit Reporting Regulations, 2020 (L.I. 2394).
Under the revised framework, telecom operators, electricity and water service providers, retail businesses offering hire‑purchase or instalment payment arrangements, mobile money operators, FinTech companies, and institutions issuing identification documents are required to submit relevant customer data to the CRS.
Also included are government agencies providing credit to Micro, Small and Medium Enterprises (MSMEs), private and public student loan schemes, and any other entity holding permissible credit‑related information.
The Central Bank says the CRS, established under the Credit Reporting Act, 2007 (Act 726), forms a vital part of Ghana’s financial stability infrastructure, providing lenders with access to accurate, real‑time data on borrowers’ credit behaviour and repayment history.
The Bank said expanding participation beyond traditional financial institutions would enrich the national credit database by incorporating a broader range of payment behaviours, especially from non‑bank sectors that regularly extended credit through post‑paid services.
It noted that timely submission of such data would help lenders make more informed decisions, reduce default rates, and ensure fairer credit terms for borrowers with strong repayment patterns.
The Bank of Ghana had, therefore, urged all listed institutions to contact any of the three licensed credit bureaus XDS Data Ghana Limited, Dun & Bradstreet Credit Bureau Ltd, and My Credit Score Ltd for onboarding and access to credit information services.
Institutions may also submit formal requests for participation to the Head of the Financial Stability Department at the Bank’s headquarters located at Bank Square.
The notice emphasised that participation in the CRS was not only a regulatory obligation but also a crucial step towards strengthening the integrity of Ghana’s credit market.
GNA
Edited by Agnes Boye-Doe