A greater variety of organisations, such as telecom firms, energy companies, shops, and post-paid service providers, have been instructed by the Bank of Ghana to sign up for the national Credit Reporting System (CRS).
This is a component of national initiatives to enhance credit risk assessment and promote responsible lending.
The reminder, which is included in a letter signed by the Bank’s Acting Secretary, Ms. Aimee Vyda Quashie, comes after a previous notification from 2021 that broadened the list of organisations required to disclose credit information in compliance with the Credit Reporting Regulations, 2020 (L.I. 2394).
The updated framework mandates that the CRS receive pertinent customer data from telecom operators, electricity and water service providers, retail establishments that offer hire purchase or installment payment plans, mobile money operators, FinTech companies, and organisations that issue identification documents.
Government organisations that lend money to Micro, Small, and Medium-Sized Enterprises (MSMEs), commercial and public student loan programs, and any other organization with acceptable credit-related data are also included.
According to the Central Bank, the CRS, which was created by the Credit Reporting Act, 2007 (Act 726), is an essential component of Ghana’s infrastructure for financial stability since it gives lenders access to precise, up-to-date information on borrowers’ credit behaviour and repayment history.
By including a wider range of payment habits, particularly from non-bank sectors that frequently extended credit through post-paid services, the Bank claimed that extending involvement beyond traditional financial institutions would enhance the national credit database.
It stated that prompt reporting of this information will enable lenders to make better decisions, lower default rates, and guarantee more equitable credit terms for borrowers with solid repayment histories.
For onboarding and access to credit information services, the Bank of Ghana consequently advised all mentioned institutions to get in touch with any of the three licensed credit bureaus: XDS Data Ghana Limited, Dun & Bradstreet Credit Bureau Ltd, and My Credit Score Ltd.
The Head of the Financial Stability Department at the Bank’s Bank Square headquarters may also receive official requests for cooperation from institutions.
The notice highlighted that joining the CRS was not only required by law but also a critical step in enhancing Ghana’s credit market’s integrity.
Source: newsthemegh.com