The Bank of Ghana (BoG) has announced plans to introduce comprehensive digital lending guidelines to regulate the rapidly expanding online credit market.

The initiative, according to Governor Dr. Johnson Asiama, aims to strengthen consumer protection while promoting innovation and collaboration between traditional banks and financial technology (fintech) firms.

The move marks a major step in the ongoing efforts to modernize its financial system and ensure responsible lending practices amid the surge in mobile and app-based loan services.

Digital Lending Rules To Protect Consumers

Speaking at the 42nd Annual General Meeting (AGM) of the Ghana Association of Banks (GAB) in Accra on October 23, 2025, Dr. Asiama said the guidelines will be rolled out “soon” as part of a broader strategy to formalize the operations of digital lenders and protect borrowers from predatory practices.

He emphasized that while digital lending has increased access to credit—especially for small businesses and individuals excluded from traditional banking—it has also created risks of data abuse, excessive interest rates, and harassment of borrowers.

“Our goal is to protect consumers while deepening partnerships between fintechs and banks in a transparent, secure ecosystem,” Dr. Asiama stated.

The forthcoming guidelines will complement the central bank’s Open Banking Framework, which is currently in its proof-of-concept phase.

The framework seeks to establish secure data-sharing protocols between banks and fintechs under clear standards governing privacy, consent, and cybersecurity.

Cryptocurrency and Digital Assets Regulation on the Horizon

Dr. Asiama also revealed that the central bank is collaborating with the Securities and Exchange Commission (SEC) and the Financial Intelligence Centre (FIC) to finalize Ghana’s first cryptocurrency and digital asset regulations.

“We have completed the draft bill and are preparing to submit it to Cabinet by December 2025,” he disclosed. “This progress places Ghana among the first African countries to prudently regulate digital asset activities.”

The proposed framework is expected to define how cryptocurrencies can operate legally in Ghana while addressing concerns related to money laundering, fraud, and consumer risk.

Strengthening Access To Credit And Trade Finance

In a bid to deepen financial intermediation, the BoG Governor announced ongoing collaborations with Development Bank Ghana, the World Bank, and Afreximbank to expand access to credit and trade financing.

The initiative includes risk-sharing facilities designed to make lending more attractive to commercial banks and microfinance institutions.

The central bank is also aligning Ghana’s financial system with the Pan-African Payment and Settlement System (PAPSS), which enables cross-border transactions in local currencies—a key milestone for trade integration under the African Continental Free Trade Area (AfCFTA).

Foreign Exchange Reforms And Digitalisation Strategy

To stabilize the cedi and rebuild external reserves, Dr. Asiama announced the launch of a structured foreign exchange operations framework developed with support from the International Monetary Fund (IMF).

This framework is expected to improve price discovery, transparency, and market stability.

Simultaneously, the Bank of Ghana is crafting a comprehensive Digitalisation Strategy to guide its adoption of modern technology, data analytics, and artificial intelligence in financial supervision.

“We are learning from global leaders — from Singapore to London to the Philippines — to benchmark against the best practices and bring lessons home,” the Governor said.

He added that a dedicated BoG team will engage with commercial banks and stakeholders to ensure the strategy reflects local realities and industry needs.

AI-Driven Supervision And Cybersecurity Priorities

Highlighting the growing digital transformation within the banking sector, Dr. Asiama announced that the central bank is investing in AI-driven supervisory tools and operationalizing a Cyber Threat Intelligence Platform.

The system will facilitate information sharing between banks and fintechs to enhance cybersecurity resilience.