Comply with Country’s Credit Reporting Regulations – BoG
By Praisebell Rosemond Larbi
The Bank of Ghana (BoG) has directed all institutions participating in the country’s Credit Reporting System (CRS) to strictly comply with existing credit reporting regulations by actively submitting data on individuals and businesses to licensed credit bureaus.
In a formal notice issued by its Financial Stability Department on February 5, 2026, the central bank stressed that all entities engaged in any form of credit activity are required to interface with the country’s licensed credit bureaus for both the submission and retrieval of credit information.
According to the notice, “any institution engaged in any form of credit business should contact any of the three licensed credit bureaus, XDS Data Ghana Limited, Dun & Bradstreet Credit Bureau Limited, and My Credit Score Limited, for the necessary credit information or submit a request.”
The BoG explained that the directive is in line with the Credit Reporting Act, 2007 (Act 726), which provides the legal framework for the establishment and operation of Ghana’s credit reporting system. The Act is designed to promote the sharing of credit information among lenders and other authorised users to strengthen credit risk assessment and improve lending decisions across the economy.
The central bank noted that the CRS framework “is beneficial to both lenders and borrowers/debtors as it helps lenders/creditors to better assess the credit risk of each borrower/debtor.” By improving access to reliable credit histories, the system supports responsible lending while encouraging borrowers to maintain good credit behaviour.
The Bank of Ghana further highlighted that since the operationalisation of the credit reporting system in 2010, the framework has contributed significantly to reducing the cost of credit and lowering the level of non-performing loans (NPLs) within the financial sector. Improved information sharing, the BoG believes, has enhanced transparency and discipline in the credit market.
Expanding the Scope of Reporting Institutions
In 2021, the Bank of Ghana broadened the scope of institutions required to participate in the Credit Reporting System to reflect changes in the financial services landscape. Beyond traditional banks and financial institutions, the expanded list now includes telecommunication companies, utility service providers, retailers, Mobile Money Operators, and financial technology (FinTech) companies.
Other entities covered under the expanded framework include government agencies that extend credit to Micro, Small and Medium Enterprises (MSMEs), institutions that issue identification documents, suppliers of goods and services on postpaid or instalment arrangements, as well as student loan schemes operated by both public and private bodies. Any organisation that holds data aligned with the permissible purposes of credit bureaus is expected to comply.
The move, according to the BoG, is aimed at easing credit defaults and further reducing non-performing loans by ensuring a more comprehensive credit information ecosystem.
Under current regulations, all eligible CRS participants are required to submit credit information on their customers to all licensed credit bureaus within 72 hours of entering into a credit agreement or facility. In addition, institutions must obtain credit reports on prospective customers before extending any form of credit.
This requirement ensures that lenders have access to accurate and up-to-date information on a customer’s credit behaviour before establishing credit relationships, while also contributing data that supports prudent lending decisions across the financial system.
Background
The Credit Reporting System is a centralised database established under Act 726 to facilitate the sharing of information on borrowers’ credit histories with lenders and other authorised users. Since the enactment of the law in 2007, the Bank of Ghana has licensed three credit bureaus, XDS Data Ghana Limited, Dun & Bradstreet Credit Bureau Limited, and My Credit Score Limited, to provide credit reporting services.
The BoG says strict compliance with these requirements is essential to safeguarding financial stability and deepening confidence in Ghana’s credit market.
