Accra, Ghana — The Bank of Ghana (BoG) is stepping up to protect consumers from sneaky charges and shady practices by online lenders. Governor Dr. Johnson Asiama has announced that new, tougher regulations for digital lending platforms will be rolled out by August 2025.
These rules will make sure borrowers know exactly what they’re getting into—no more hidden fees or surprise charges. They’ll cover everything from proper licensing and transparent interest rates to protecting personal data and cracking down on aggressive debt collectors.
Governor Asiama stressed the need for clear disclosure of all fees before anyone signs on the dotted line. The BoG is also targeting banks that sneak in Optional Issuer Fees (OIFs) on card transactions without telling customers, planning to cap these fees at 2%.
Another problem on the radar is banks charging interest on inactive credit accounts, sometimes piling up debt beyond the original loan amount. The BoG says that has to stop.
To top it off, the central bank plans to tighten oversight on foreign-owned banks operating in Ghana, ensuring important decisions aren’t made offshore beyond local regulators’ reach.
These moves by the BoG show a serious commitment to cleaning up Ghana’s lending space—making it safer, fairer, and more transparent for everyone.
Stay tuned to Multicdbonline for more updates on how these changes will affect you and your money.
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