BoG to release new digital lending guidelines by August 2025 — Dr. Asiamah

The Bank of Ghana (BoG) will introduce Digital Lending Guidelines by August 2025. These guidelines aim to reduce risks from online and mobile lending platforms.

At a recent meeting with bank CEOs, Governor Dr. Johnson P. Asiamah called this move urgent. He noted it is necessary to address exploitative practices in digital lending.

Dr. Asiamah highlighted that many Ghanaians, especially young people, face issues with online lenders. They often encounter hidden fees and harassment when seeking loans.

He shared reports of borrowers being threatened or scammed while accessing quick loans. “We cannot allow this to continue,” he stated firmly.

The upcoming guidelines will establish clear standards for all digital lending models. This includes licensing requirements, transparency in interest rates, and customer data protection.

Dr. Asiamah aims to protect vulnerable borrowers and promote responsible lending practices. He urged banks and financial institutions to review their operations before the new regulations take effect.

“Let us work together for a digital lending space that is fair and dignified,” he emphasized.

This initiative comes amid concerns about unregulated lending apps operating with little oversight. The new guidelines are expected to create a safer environment for digital financial services in Ghana.