The Bank of Ghana (BoG), has renewed its call on institutions operating within specified sectors to participate in the national Credit Reporting System (CRS), in line with the Credit Reporting Regulations, 2020 (L.I. 2394).
The reminder follows an earlier directive which expanded the categories of entities required to submit credit information and access data from the existing credit bureaus.
The institutions include telecommunication companies, utility service providers, retailers, mobile money operators, financial technology firms (FinTechs), government agencies that provide credit to micro, small and medium enterprises (MSMEs), and organisations responsible for issuing identification documents.
Others are entities that supply goods and services on post‑paid or instalment terms, administrators of public and private student loan schemes, and any organisation that holds data relevant to the permissible purposes of credit bureaus.
The Bank explained that the CRS, established under the Credit Reporting Act, 2007 (Act 726), serves as a national framework for the exchange of credit information between lenders, creditors and other authorised users.
Such information sharing, it noted, enhances lenders’ ability to accurately assess borrower risk while ensuring responsible borrowing and repayment behaviour.
The Central Bank urged all eligible institutions or any entity engaged in credit‑related activities to contact any of the three licensed credit bureaus—XDS Data Ghana Limited, Dun & Bradstreet Credit Bureau Limited, and My Credit Score Limited—to obtain necessary credit information or begin the process of onboarding.
Requests for participation may also be submitted to the Head of the Financial Stability Department at the Bank of Ghana.
BoG noted that participation in the CRS would allow institutions to verify the credit history and repayment behaviour of clients before entering credit arrangements, while also contributing data that supports prudent lending decisions across the financial ecosystem.
Source: businesspostonline
