The Bank of Ghana’s latest Credit Reporting Activity Report revealed that credit enquiries in Ghana skyrocketed to an impressive 29.5 million in 2024.
This marks a staggering 114.6% increase from the 13.7 million enquiries recorded in 2023. This surge illustrates the expanding importance of credit reporting as an essential tool for financial institutions in managing their credit risks effectively.
On a monthly basis, the average number of enquiries reached 2.46 million, reflecting a year-on-year rise of 16.24%. In contrast, the monthly average in 2023 stood at 2,114,636. A deeper dive into the borrower profiles revealed that individuals made up 55% of the total searches, while 44% targeted customers seeking digital loans. This trend highlights the increasing influence of fintech-driven credit solutions within the financial landscape of Ghana.
The report further noted a dramatic rise in data submissions to credit bureaus, averaging 61.14 million loan records each month in 2024—a monumental 190.33% increase from the previous year. Remarkably, nearly all (99.7%) of these submissions pertained to individual borrowers, underscoring the dominance of digital lending in the country’s credit market. The records encompassed new loans, updates on existing loans, and digital loan data, reflecting a highly active credit environment.
2024 also witnessed significant regulatory and market developments in the credit sector. The Bank of Ghana announced an extension of the deadline for credit bureaus to meet the new GHS 6 million minimum capital requirement to June 2025. Additionally, the newly licensed bureau, MyCredit Score Ltd, increased the total number of operators in the market to three.
In a move to enhance the credit landscape, credit bureaus received approval to commence credit scoring, and cross-border credit reporting was launched through a collaboration between XDS Data Ghana Ltd and Nova Credit Inc. of the United States.
The Bank of Ghana has reported substantial advancements in the country’s credit reporting system throughout 2024. Key improvements in data quality, regulatory compliance, and stakeholder engagement were noted as clear indicators of a healthier credit information ecosystem. The central bank highlighted a decline in dud cheque incidents, an uptick in the use of credit reports, and heightened public awareness as evidence of a more robust environment.
With a commitment to fortifying the credit reporting infrastructure, the Bank of Ghana plans to enforce stricter regulations, expand public education initiatives, and foster closer collaboration on policy matters. These efforts aim to cultivate a transparent, inclusive, and resilient credit market that can drive sustainable economic growth in Ghana.
Source: Apexnewsgh.com
