Financial journalists schooled on Digital Credit Guidelines
A day’s capacity building for some selected financial journalists on the Digital Credit Guidelines has been held in Accra.
Digital credit is the delivery of loans through online platforms and mobile apps, using digital data and algorithms for instant, automated approvals, disbursements, and repayments, often bypassing traditional branches for quick access to small and short-term funds.
The programme, attended by more than 50 journalists drawn from Accra, was organised by the Bank of Ghana (BoG).
Opening the training, the Director of Communication at the BoG, Mr Bernard Otabil, said the session was to equip journalists with the right information on the Digital Credit Services Initiative to support their work of informing and educating the public on socio-economic developments.
He said the BoG considered journalists indispensable partners in strengthening public understanding of financial regulation.
Mr Otabil recalled that two years ago, the BoG, in collaboration with the Cyber Security Authority and other security agencies, clamped down on more than 400 illegal lending applications.
Since then, Mr Otabil said the Bank had engaged industry stakeholders to sanitise the digital credit space and introduce regulatory oversight.
As part of this effort, the BoG in September 2025 issued directives and licensing requirements for digital credit service providers, alongside notices intended to safeguard consumers.
Mr Otabil said a portal for licence applications was opened on November 30, 2025.
He said the engagement with the media was crucial to deepening transparency and addressing existing misconceptions about the new regulatory framework.
The Acting Head of the Fintech and Innovation Office of the BoG, Mr Owireku Asare, in remarks made on his behalf, reiterated the Bank’s commitment to balancing innovation with consumer protection.
He explained that while digital credit services promote financial inclusion by quickly extending services to underserved communities, the speed and opacity of the technology presented significant risks.
Mr Asare cited concerns such as predatory lending, unethical debt collection and misuse of personal data, stressing that the Bank’s top priority was protecting consumers.
He said the guidelines was to prohibit abusive debt collection practices, including the sharing of contacts and public shaming.
Mr Asare said the guideline focused on data privacy and responsible lending, saying digital credit providers must comply fully with data protection laws, maintain robust ICT systems and share credit information to foster responsible borrowing and lending.
He urged journalists to serve as educators, watchdogs and translators of the regulatory framework, helping the public understand their rights and the intentions behind the new directives.
Mr Asare stressed that the success of the framework should be measured not by the number of licences issued, but by the level of public trust in the digital financial ecosystem.
The Acting Head of the Fintech and Innovation Office of the BoG assured the media of continuous collaboration, noting that adequate resources and information channels were available to support accurate reporting on digital credit reforms.
BY KINGSLEY ASARE
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