The Bank of Ghana (BoG) has announced it will roll out comprehensive Digital Lending Guidelines by August 2025, aimed at curbing the growing risks associated with online and mobile-based lending platforms in the country.

Speaking at the Post-Monetary Policy Committee (MPC) Meeting with CEOs of Banks, the Governor of the Bank of Ghana, Dr. Johnson P. Asiamah, described the move as an “urgent and necessary intervention” to address exploitative practices increasingly reported in the digital lending space.

“Too many Ghanaians, especially young people and informal workers, are being lured by online lending platforms that make bold promises, only to trap them in cycles of hidden fees, harassment, or worse,” Dr. Asiamah said.

He revealed that the central bank had received disturbing reports of borrowers being threatened, shamed, or even scammed in the process of accessing quick loans.

“We cannot allow this to continue,” he added firmly.

The upcoming guidelines, according to the Governor, will set out clear, enforceable standards for both bank-led and non-bank digital lending models. These include:

• Licensing and authorization requirements
• Transparency in disclosures and interest rates
• Customer data protection and privacy
• Ethical recovery and debt collection practices

Dr. Asiamah stated that the dual aim of the guidelines is to protect vulnerable borrowers from exploitation and to foster a responsible, well-regulated digital lending ecosystem.

He urged banks and financial institutions currently involved in digital lending—whether directly or through fintech partners—to begin reviewing their operations in anticipation of the new regulatory framework.

“Let us work together to build a digital lending space that serves people with dignity, fairness, and integrity,” he emphasized.

The Bank of Ghana’s move comes amid growing concern about the proliferation of unregulated lending apps and platforms, which often operate with minimal oversight.

The new guidelines are expected to bring structure and accountability to the sector, creating a safer environment for digital financial services to flourish.