The Bank of Ghana (BoG) has reiterated the requirement for a broader range of institutions to participate in the country’s Credit Reporting System (CRS) in a move aimed at strengthening credit risk assessment and improving access to reliable credit information.
In a public notice , the central bank reminded institutions that under the Credit Reporting Regulations, 2020 (L.I. 2394), several categories of entities are required to participate in the credit information-sharing framework.
The directive follows an earlier notice issued in 2021 which expanded the range of institutions expected to submit and access credit information within the system.
According to the Bank of Ghana, the institutions required to participate include telecommunication companies, utility companies, retailers, mobile money operators, financial technology (FinTech) firms, government institutions that provide credit to micro, small and medium-sized enterprises (MSMEs), institutions that issue identification documents, entities that supply goods and services on post-paid or instalment basis, as well as student loan schemes run by private or government agencies.
Other entities that hold relevant data and information that meet the permissible purposes of credit bureaus are also expected to participate in the system.
The Credit Reporting System, established under the Credit Reporting Act, 2007 (Act 726), is designed to promote the sharing of credit information between lenders and other users of the system. The framework enables creditors to access data on the borrowing and repayment behaviour of individuals and businesses before granting credit.
The central bank noted that credit information sharing benefits both lenders and borrowers by enabling institutions to better assess the credit risk of potential clients, thereby promoting responsible lending and borrowing practices.
The Bank of Ghana is therefore urging all institutions that fall within the listed categories or engage in any form of credit activity to contact any of the country’s three licensed credit bureaus for the necessary arrangements to participate in the system.
The licensed credit bureaus are XDS Data Ghana Limited, Dun & Bradstreet Credit Bureau Limited, and My Credit Score Limited.
Institutions may also submit a request for participation directly to the Financial Stability Department of the Bank of Ghana at Bank Square in Accra.
According to the central bank, participation in the system will enable institutions to obtain information on the credit behaviour and repayment history of clients before establishing credit relationships, while also contributing data that can help other creditors make prudent lending decisions.
For further enquiries, the Bank of Ghana has advised institutions to contact the Financial Stability Department via email at credit.reporting@bog.gov.gh or credit.bureau@bog.gov.gh, or by phone at 0596 912354.
