The Bank of Ghana has announced a staggering 455% increase in loan data submissions for 2023, with an average of 21.2 million loan records submitted monthly to credit bureaus by data providers, up from 3.8 million in 2022.
This information is part of the Central Bank’s 2023 Annual Credit Activity Report.
A significant 99% of these submissions pertained to individual borrowers, indicating a shift toward consumer lending. This surge is largely due to enhanced reporting of digital loan data to credit bureaus.
Savings and loan companies, along with finance houses, led the way in submitting individual loan data, outperforming banks and microfinance institutions.
In contrast, banks maintained a stronghold in the business loan sector, contributing 67.6% of all business-related submissions—a trend consistent over the years.
While rural banks and microfinance firms experienced a rise in individual loan submissions, they reported a decline in business loan data, reflecting a growing emphasis on payroll and digital loans rather than traditional business lending among specialized deposit-taking institutions (SDIs).
In light of the persistent issue of dud cheques, the Bank of Ghana has ramped up its public education efforts.
The initiative aims to educate customers about the serious repercussions of issuing dishonored cheques, which can negatively impact their future loan opportunities.
Those found guilty face severe penalties, including being barred from obtaining credit or issuing cheques for up to three years.
