Sanaa:Banks in Ghana conducted 97% of their credit checks through XDS Data Ghana Limited in 2025, highlighting the uneven competition in the credit bureau market that the Bank of Ghana is set to reform.
According to Ghana Web, banks performed 22.36 million credit enquiries last year, with XDS Data Ghana Limited handling the vast majority, while Dun and Bradstreet Credit Bureau Limited managed only 3% of these checks. The third licensed bureau, MyCredit Score Limited, was not utilized by any banks for credit searches.
The banking sector's dominance is significant, as they were responsible for 86.28% of all credit enquiries in the country during 2025. Non-bank financial institutions and rural community banks also favored XDS, with 88.7% and 57% of their enquiries respectively being run through XDS. In contrast, microfinance institutions preferred Dun and Bradstreet, conducting 80% of their checks there, compared to 18% at XDS.
XDS's market dominance is partly due to its early establishment and experience. It was the first credit bureau licensed in Ghana under the Credit Reporting Act in December 2008 and started its operations in 2010. Dun and Bradstreet began operations in March 2012, while MyCredit Score, which entered the market more recently, received a provisional license in 2024.
The Bank of Ghana, in partnership with the International Finance Corporation, conducted a comprehensive assessment of the bureaus in 2025, focusing on their technological capabilities and adherence to credit reporting principles, resolving key structural issues identified during the review.
With the credit market expanding rapidly, the Bank of Ghana plans to introduce a Data Hub in 2026. This hub aims to streamline data submission processes by collecting standardized data from banks, lenders, and utility companies centrally, potentially leveling the playing field for newer bureaus and improving data quality to reduce non-performing loans.
The Data Hub initiative is expected to transform competition among credit bureaus, focusing on the quality of their credit reports and analytics, and aligns with the central bank's efforts to enhance the reliability of credit information in the country.