Credit enquiries soar 114% in 2024 as digital lending expands – BoG

Latest Data from the Bank of Ghana’s latest Credit Reporting Activity Report indicates that Credit enquiries in Ghana surged to 29.5 million in 2024, marking a 114.6% increase from 13.7 million in 2023.

This continued rise underscores the growing role of credit reporting as a key tool in institutional credit management of financial institutions.

On a monthly basis, enquiries averaged 2.46 million, up 16.24% year-on-year, with the 2023 monthly average standing at 2,114,636.

In terms of borrower profiles and reporting activity, individuals accounted for 55% of searches, while 44% targeted digital loan customers, underscoring the growing influence of fintech-driven credit in the financial sector.

Data submissions to credit bureaus also rose sharply. An average of 61.14 million loan records were submitted each month in 2024—a 190.33% jump from the previous year.

Nearly all submissions (99.7%) related to individual borrowers, reflecting the dominance of digital lending in Ghana’s credit market. These records include new loans, status updates on existing loans, status updates on existing loans and digital loan data.

The year also saw significant regulatory and market developments. The Bank of Ghana extended the deadline for meeting the new GHS 6 million minimum capital requirement for credit bureaus to June 2025. A new bureau, MyCredit Score Ltd, was licensed, bringing the total number of operators to three.

Credit bureaus also received approval to begin credit scoring, while cross-border credit reporting was launched through XDS Data Ghana Ltd in partnership with Nova Credit Inc. of the United States.

Meanwhile, the Bank of Ghana says Ghana’s credit reporting system made major advances in 2024, with notable improvements in data quality, regulatory compliance, and stakeholder engagement.

In its latest review, the central bank pointed to a decline in dud cheque incidents, increased use of credit reports, and rising public awareness as clear indicators of a stronger credit information ecosystem.

The BoG reaffirmed its commitment to strengthening credit reporting infrastructure through stricter enforcement, expanded public education, and closer policy collaboration. These measures, it said, are aimed at creating a transparent, inclusive, and resilient credit market capable of supporting sustainable economic growth.