Searches and enquiries made by financial institutions and authorised users on the databases of credit reference bureaus saw a significant jump in 2024, according to the Bank of Ghana’s newly released Credit Reporting Activity report.

The total number of credit information enquiries reached nearly 30 million in 2024, more than double the 13 million recorded in 2023.

The report attributes this surge to growing reliance on credit histories for purposes such as credit application appraisals, loan recovery efforts, and Know Your Customer (KYC) checks.

On average, 2,458,037 enquiries were made monthly in 2024, marking a 16.24% increase over the 2023 monthly average of 2,114,636.

This steady growth signals increased adoption of credit reporting as a core component of credit management across various institutions.

According to the Bank of Ghana, all regulated financial institutions, including banks, rural and community banks, savings and loans companies, finance houses, and microcredit institutions, are mandated to both submit credit data and utilise credit bureau services.

Notably, 76% of the searches made in 2024 returned a “hit,” meaning some information, either demographic, financial, or both, was available on the subject. This was an improvement over the 72% hit rate recorded in 2023.

Borrower Categories and Data Submissions

In terms of borrower type, 55% of enquiries were made on individual borrowers, while 44% focused on digital loan customers, indicating the growing role of fintechs in the credit landscape.

The volume of loan records submitted to credit bureaus also soared. On average, 61 million loan records were submitted monthly in 2024, up from 21 million in 2023, a 190.33% increase.

These records included new loans, status updates on existing loans, and digital loan data.

Of the total submissions in 2024, 99.7% pertained to individual borrowers, largely due to the massive growth in digital lending.

Who’s Leading the Enquiries?

Commercial banks were the most active users of credit bureau services, conducting 13,522,171 searches in 2024, representing 84.93% of all enquiries. This marks a significant increase from 77.83% in 2023.

Microfinance and microcredit institutions accounted for 8.82% of enquiries in 2024, a drop from 11.0% the previous year.

Strengthening the System

The Bank of Ghana noted that the credit reporting system made significant strides in 2024, with improvements in data quality, regulatory compliance, and stakeholder engagement.

The central bank also highlighted a reduction in dud cheque incidents, greater usage of credit reports, and improved public awareness as signs of a more robust credit information ecosystem.

The Bank reaffirmed its commitment to strengthening the credit reporting infrastructure through enforcement, public education, and policy collaboration—all aimed at building a transparent, inclusive, and resilient credit environment to support sustainable economic growth.

To ensure full compliance, the Bank of Ghana said it will continue to monitor the activities of data providers closely.

New Developments in the Sector

The Bank of Ghana has approved credit bureaus to launch credit scoring services, following improvements in data quality and methodology.

MyCredit Score Limited has already rolled out its credit scoring product, while Dun & Bradstreet Credit Bureau Limited has also introduced its own solution, signalling the industry’s push toward more advanced, innovative credit services.

In a major step forward, the Bank of Ghana also approved a cross-border credit referencing agreement between XDS Data Ghana Limited and Nova Credit Inc., USA, allowing for the transfer of credit reports to foreign lenders, paving the way for improved credit access for Ghanaians abroad.