The Bank of Ghana Headquaters
• The Bank of Ghana has expanded a list of institutions required to partake in the Credit Reporting System (CRS)
•The list includes; retailers, utility companies, mobile money operators, financial technology firms, telecommunication companies and government entities
•The CRS is a database established to promote the sharing of information on the credit history of debtors
The Bank of Ghana has announced that it has expanded a list of institutions required to partake in the Credit Reporting System (CRS) established under the Credit Reporting Act, 2007 (Act 726).
The CRS is a database established to promote the sharing of information on the credit history of debtors with lenders and other users on the platform.
A statement issued by the central bank explained that the expanded list will entail; retailers, utility companies, mobile money operators, financial technology firms, telecommunication companies and government entities that offer credit to Micro Small and Medium Enterprises.
Other entities, according to the central bank will include ones that provide the relevant documentation, entities that supply goods and services on a post-paid or installment basis, student loan schemes provided by private or government agencies that comply with permissible purposes of credit bureaus.
The central bank further notified some three licensed credit bureaus operating in the country to implement steps towards complying with the provisions of Act 726 by 31 October 2021.
Read the Bank of Ghana’s statement below: