Credit Enquiries in Ghana Jump 114% in 2024 as Digital Lending Dominates – Bank Of Ghana
Credit enquiries in Ghana surged to 29.5 million in 2024, representing a 114.6% increase from 13.7 million in 2023, according to the Bank of Ghana’s latest Credit Reporting Activity Report. The growth highlights the expanding role of credit reporting as a vital tool for financial institutions in assessing borrower risk and managing credit effectively. Monthly enquiries averaged 2.46 million, up 16.24% from the previous year’s 2.11 million average.
The report revealed that individuals accounted for 55% of all searches, while 44% targeted digital loan customers. This points to the growing influence of fintech in the lending space, as technology-driven platforms increasingly dominate Ghana’s credit landscape. The strong participation of digital borrowers underscores the rapid adoption of mobile-based lending solutions across the country.
Data submissions to credit bureaus also experienced substantial growth, averaging 61.14 million loan records monthly—a staggering 190.33% rise from 2023. Nearly all records (99.7%) related to individual borrowers, reflecting the prevalence of personal and digital loans. These records included new loan entries, status updates on existing loans, and detailed digital loan data.
On the regulatory front, the Bank of Ghana extended the deadline for credit bureaus to meet the new GHS 6 million minimum capital requirement to June 2025. The central bank also licensed MyCredit Score Ltd, increasing the total number of credit bureaus to three. Approval was granted for credit bureaus to begin credit scoring, while XDS Data Ghana Ltd partnered with Nova Credit Inc. (USA) to launch cross-border credit reporting.
The Bank of Ghana noted that the credit reporting system achieved significant progress in 2024, including better data quality, stronger compliance, and greater public awareness. Declines in dud cheque incidents, increased use of credit reports, and enhanced stakeholder engagement were cited as signs of a robust credit information ecosystem. The central bank pledged to strengthen the infrastructure further through stricter enforcement, expanded public education, and collaborative policies to foster a transparent and resilient credit market that supports sustainable economic growth.
Source: Citi newsroom