Accra: The Bank of Ghana has 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 initiative is part of efforts to enhance responsible lending and improve credit risk assessment across the country.
According to Ghana News Agency, the directive was communicated through a notice signed by Ms. Aimee Vyda Quashie, Acting Secretary of the Bank. It follows an earlier notice issued in 2021, which expanded the categories of institutions required to share credit information under the Credit Reporting Regulations, 2020 (L.I. 2394). The revised framework mandates telecom operators, electricity and water service providers, retail businesses offering hire-purchase or installment payment arrangements, mobile money operators, FinTech companies, and institutions issuing identification documents to submit relevant customer data to the CRS.
Also included in this directive 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 emphasizes that the CRS, established under the Credit Reporting Act, 2007 (Act 726), is a critical component of Ghana's financial stability infrastructure, offering lenders access to accurate, real-time data on borrowers' credit behavior and repayment history.
The Bank stated that expanding participation beyond traditional financial institutions would enhance the national credit database by incorporating a wider range of payment behaviors, especially from non-bank sectors that frequently extend credit through post-paid services. It highlighted that timely data submission would assist lenders in making more informed decisions, reducing default rates, and ensuring fairer credit terms for borrowers with strong repayment patterns.
The Bank of Ghana has urged all listed institutions to contact any of the three licensed credit bureaus-XDS Data Ghana Limited, Dun and 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 stressed that participation in the CRS is not only a regulatory obligation but also a crucial step towards strengthening the integrity of Ghana's credit market.