The Bank of Ghana is finalising comprehensive digital lending guidelines, expected to be issued by August 2025, to prevent the exploitation of the public by online lending platforms.

The Governor, Dr Johnson Asiama, said in Accra on Thursday that the intervention came amidst growing concerns about online lending platforms, exploiting many Ghanaians, particularly young people and informal workers, who were often enticed by attractive promises only to become ensnared in cycles of hidden fees and harassment.

Announcing the upcoming guidelines at a meeting with Chief Executive Officers of banks, Dr Asiama said: “We’ve received reports of individuals being threatened, shamed, or scammed, all under the guise of accessing quick loans.”

“We cannot allow this to continue. The upcoming guidelines will bring clear, enforceable standards to both bank-led and non-bank digital lending models.”

They would establish rules concerning licensing and authorisation, disclosure and interest rate transparency, data protection, and customer privacy, the Governor said, noting that the guidelines would also encompass ethical recovery and collection practices.

Dr. Asiama emphasised the Central Bank’s primary goal of safeguarding borrowers, especially the most vulnerable, from exploitation, while simultaneously fostering an environment where responsible, well-regulated digital lenders, including banks and their fintech partners, could flourish.

He advised institutions active in digital lending, whether directly or through third parties, to review their current models and prepare for compliance.

While Ghana’s digital lending schemes offer significant potential for financial inclusion, the sector faces numerous challenges that must be addressed for sustainable growth and robust consumer protection.

These challenges include unethical debt collection practices, data privacy risks and breaches, limited financial literacy, and a general lack of trust among consumers.