The Bank of Ghana (BoG) has officially designated Digital Credit Services as a Non-Bank Financial Service under the First Schedule of the Non-Bank Financial Institutions Act, 2008 (Act 774).
The move forms part of the central bank’s strategy to expand financial inclusion and strengthen Ghana’s digital finance ecosystem.
In a statement, the BoG clarified that the new designation does not automatically authorise institutions to offer digital credit services. Instead, entities already operating under the First Schedule must await further regulatory guidance before venturing into the space.
The Bank also assured that a detailed Directive will be issued in due course, outlining licensing requirements, operational standards, and compliance obligations for providers of digital credit services.
This recognition, according to the BoG, reflects the growing role of digital financial solutions in broadening access to credit, particularly among underserved populations.
“The designation signals our recognition of the importance of digital financial services and our commitment to a robust framework that ensures consumer protection and stability in the system,” the statement read.
The central bank has urged stakeholders to take note of the development and prepare for the forthcoming regulatory directive.
BoG Moves Against Dollarisation
In a related move, the BoG has issued a stern directive against dollarisation, warning businesses and individuals to stop pricing, advertising, or demanding payment in foreign currencies.
In a circular dated Wednesday, August 27, 2025, and signed by Ms Aimee V. Quashie on behalf of the Secretary, the Bank reaffirmed that the Ghana cedi remains the sole legal tender.
The directive prohibits residents from invoicing, quoting, or transacting in foreign currency unless duly licensed.
Banned practices include:
- Charging school fees in US dollars
- Pricing vehicles, property sales, or rentals in foreign currency
- Airline ticketing and hotel accommodation in foreign exchange
- Online sales and domestic contracts quoted in dollars
The BoG clarified that foreign currency invoicing is only permissible for expatriates or non-residents, with proceeds required to be deposited into a Foreign Exchange Account with a licensed bank.
The Bank warned that unlicensed foreign exchange dealings, including black market transactions, would attract strict sanctions.
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