Ghana Tightens Digital Lending Rules Ahead of CBDC

The Bank of Ghana has introduced new rules requiring digital credit firms to obtain formal licences, part of a broader regulatory push first reported earlier this year. The newly issued Directive for Digital Credit Services Providers comes into force on 1 November 2025, and sets specific conditions for digital lenders operating in the country.

Under the directive, providers of digital credit must secure a licence, hold minimum capital, and meet governance and risk management standards. Firms must also be at least 30% Ghanaian-owned, and will be restricted from engaging in unrelated financial activities, including deposit-taking, foreign exchange, or payment services.

This marks a step up from previous supervisory measures, with non-compliant operators now facing sanctions including possible licence revocation. In parallel, the Bank of Ghana is advancing its regulatory oversight of virtual asset activities.

Earlier this year, we reported that Virtual Asset Service Providers (VASPs) were required to register with the central bank. That framework is now being expanded to a licensing regime, which will introduce stricter operational standards and formal compliance requirements.

These measures are unfolding as the country prepares to launch its central bank digital currency, the e‑Cedi, later in 2025.

The regulatory developments suggest that Ghana is not only looking to embrace digital payments but is also seeking to ensure a controlled and stable financial environment around them. While questions remain over enforcement capacity and the practical impact on financial inclusion, the direction is clear: Ghana is raising the bar for digital finance firms, positioning itself as one of the more assertive regulatory actors on the continent.