As digital transformation sweeps across Africa’s financial sector, Ghana has taken a bold step to regulate and formalise online lending. With the rise of mobile technology and fintech innovation, access to credit has become less complex. Recognising the need for structure, the Bank of Ghana (BoG) introduced the 2025 Directive for Digital Credit Services Providers, marking a significant milestone in the country’s financial inclusion journey.
This article is broken down into different segments providing answers to questions potential investors may have as it explores the legal framework, licensing requirements, and eligibility criteria for establishing a digital lending business in Ghana.
- Does Ghana have digital lending licence for online loan services?
Yes. Until recently, Ghana had taken a very conservative approach in the race for financial inclusivity and digitisation of the credit system, and therefore, became relatively late to the party.
However, it is better late than never. In furtherance of its mandate to promote efficient operation of the credit system and the need to expand financial services to all segments of the country, the Bank of Ghana (“BoG”) recently issued in September 2025 a Directive for Digital Credit Services Providers in Ghana, 2025 (“Directives for Digital Lenders”) to provide licensing requirements and a regulatory framework for the exclusive delivery of Digital Credit by Digital Credit Services Providers in Ghana with an effective date of 1st November 2025.
The Directives for Digital Lenders which were issued pursuant to the Non-bank Financial Institutions Act, 2008 (Act 774), provide for the following objectives:
- Promote access to digital credit;
- Ensure consumer protection within the digital credit space;
- Promote cost effective and responsible digital credit services;
- Improve data privacy and security standards within the digital credit
space; and - Set out minimum requirements for the licensing and operation of a Digital
Credit Services Provider.
Operating without a licence is now a punishable offence, underscoring the BoG’s commitment to safeguarding the digital credit ecosystem.
- What is digital credit under Ghana law?
Under Ghana law, digital credit is any credit product that is short-term (under 12 months), of low value and delivered through digital channels.
Digital credit services are a non – bank financial service, designated under Subsection 7 of the First Schedule of Act 774, which offers, provides and processes Credit exclusively through digital channels (i.e. Online platforms or digital tools used by Digital Services
Providers to carry out their business, which may include but not limited to websites, mobile applications, self-service machines or any electronic channel which may be introduced in the future. Digital Credit Service Provider is a corporate entity licensed to engage in the provision of digital credit services.
- Are there other substantive laws of Ghana regulating digital lending business in Ghana?
There are other sector-related laws governing the operations of credit business generally, which the Directives for Digital Lenders was promulgated to complement. In other words, the Directives for Digital Lenders 2025 shall be read together with the other relevant statutes and applicable Directives and guidelines including but not limited to:
- The Bank of Ghana (Amendment) Act, 2016 (Act 918);
- Non-bank Financial Institutions Act, 2008 (Act 774);
- Payment Systems and Services Act, 2019 (Act 987);
- Borrowers and Lenders Act 2020 (Act 1052);
- Foreign Exchange Act, 2006 (Act 723);
- Companies Act 2019 (Act 992).
- Electronic Transactions Act, 2008 (Act 772);
- Data Protection Act, 2012 (Act 843);
- Ghana Investment Promotion Centre Act, 2013 (Act 865);
- Cybersecurity Act, 2020 (Act 1038);
- Anti-Money Laundering Act, 2020 (Act 1044);
- Corporate Insolvency and Restructuring Act 2020 (Act 1015);
- Disclosure and product transparency rules for credit products and services February 2017;
- Credit Reporting Regulations, 2020 (L.I. 2394).
- What are the requirements for Digital Lending Licence in Ghana?
The requirements for obtaining the Digital Credit Services Providers Licence are as follows:
- Incorporation requirements:
- A Digital Credit Services Provider is required to be incorporated with a minimum share capital of 2,000,000 Ghana Cedis.
- Business object in the Regulation of Incorporation should read “Digital Credit Services Provider”
- Minimum of three Directors, being constituted in line with the Corporate
- Governance Guidelines for Payment Service Providers
- Ownership of a Digital Credit Services Provider requires a minimum Ghanaian equity participation of 30%.
- No individual or person can hold more than 90% of shares in the Digital Credit Services Provider
- Company profile and documentary requirements:
- Company registration documents from the Office of the Registrar of Companies.
- Business operating permit
- Details of the principal place of business accessible to the public and suitable for the services contemplated (Company must have a physical office in Ghana).
- Rent/Leasehold Agreement (where applicable)
- Details of the Shareholders, Directors and Key Management Personnel (with shareholders Agreement and copies of share certificate;)
- Profile of shareholders indicating respective percentage shareholding and nationality;
- Details of External Auditors/Accountants (including a letter of engagement), Bankers and all third- party service providers;
- A feasibility report including a business plan and financial projections for the first five (5) years;
- Proof of funds and capital registration (including GIPC certificate where applicable);
- Attestation from a notary public confirming foreign ultimate beneficial owner(s) with 10% or more of total share ownership or voting rights;
- Risk management policy and a comprehensive risk assessment;
- ICT Systems and Information Security controls;
- Corporate governance policy;
- Business continuity and contingency policy;
- Detailed description of delivery channels or platforms for deployment of services;
- Terms and conditions applicable to the products and services;
- A list of all partners and third-party service providers;
- Fully executed Service Level Agreements with partner service providers;
- Data Protection Impact Assessment report approved by the Data Protection Commission of Ghana;
- Data Protection certificate;
- Network and application Vulnerability Assessment/Penetration Test (VAPT) report;
- A valid third-party certification from a reputable certification authority or body on compliance status with standards determined by the Bank of Ghana;
- Anti-money laundering policy;
- Digital Credit Policy; and
- Any other information that the Bank of Ghana may require.
- Requirements from Shareholders, Directors and Key Management Personnel of the Company:
- Curriculum Vitae (CV);
- Educational certificate;
- Letter of consent to the schools authorising the Bank of Ghana to confirm information provided;
- Letter of consent to all previous and current employers authorising the Bank of Ghana to confirm information provided;
- Tax clearance certificate;
- FIC Foreign Education and Employment Form(*Available on the FIC website);
- 3 passport size pictures.
- What is the cost of obtaining Digital Credit Provider Licence?
| Particulars | GHȻ | USD |
| Processing fee | 10,000 | 1000 |
| Licence Fee | 20,000 | 2000 |
| Renewal Fee | 10,000 | 1000 |
- What is the timeline for obtaining the Digital Credit Provider Licence?
According to the Directives for Digital Lenders 2025, the Bank of Ghana may within ninety (90) days following receipt of a complete application or where further information has been required, after receipt of the information, grant or refuse the application. Therefore, we estimate that the timeline for processing the DCP licence to be within 3-4months
- What are the eligibility criteria for Shareholders and Directors of a Digital Lending Company?
The Fit and Proper Directive of the Bank of Ghana 2018, with respect to financial institutions, provides as follows:
- A shareholder should not have been convicted of an offence involving a financial transaction by a court of competent jurisdiction within the past ten years;
- A shareholder should not have filed for personal bankruptcy;
- A shareholder should not have been disqualified from practising a profession by a professional body;
- A shareholder should not have been involved in a past or present managerial function of a body corporate or other undertaking that have been a subject of insolvency or liquidation proceedings;
- The information provided by a shareholder in support of an application should not be false or misleading;
- A Significant Shareholder is required to provide evidence of the source of funds;
- The directors of the company must meet the fit and proper persons requirements.
In Conclusion, Ghana’s digital lending framework is a progressive step toward financial inclusivity, transparency, and consumer protection. By formalizing the licensing process, the Bank of Ghana has created a robust environment for responsible digital credit delivery.
For entrepreneurs and investors, this presents a golden opportunity to participate in a regulated, high-growth sector. However, compliance is non-negotiable. Understanding and adhering to the licensing requirements is the first step toward building a sustainable digital lending business in Ghana.
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About KORIAT & CO.
We are a commercial law firm in Nigeria with network of lawyers and consultants in Ghana, Kenya and Rwanda. The above article is not legal advice and does not automatically make our readers our clients unless they specifically instruct us to act or represent them in any way.
We assist local and foreign clients to process company registration and business licences in Nigeria, Ghana, Kenya and Rwanda.
Please contact Koriat & Co. through admin@koriatlaw.com or 09067842241 if you require additional information about or assistance in processing company incorporation or application for a money lender’s licence.
