Connect with us

Local News

Bank of Ghana Directs Fintechs, Others To Provide Credit Info Of Clients

Published

on

bank of ghana asks for credit info of clients

To reduce the risk associated with lending, the Bank of Ghana has instructed telecommunications firms, financial technology companies, mobile money operators, and utility suppliers, among other businesses, to submit information on borrowers’ credit behavior.

Retailers, government institutions that offer credit to MSMEs, institutions that provide identification documents, entities that supply goods and services on a post-paid or installment basis, private or government-run Student Loan Schemes, and other entities are all required to provide information about their clients to the Credit Reporting System (CRS) database.

According to the order, the action will assist encourage the sharing of debtor credit history information with lenders and other CRS users, since credit information exchange benefits both lenders and borrowers by allowing lenders and creditors to better analyze each borrower’s or debtor’s credit risk.

Advertisement

The new regulation, according to the bank, would help to allow differentiated credit delivery and pricing, as well as submit credit information on their clients to all Credit Bureaus regulated by the Bank of Ghana within 72 hours of entering into a credit arrangement or facility. This will guarantee that credit reports on potential consumers are received prior to entering into credit transactions with them.

The new directive, according to the regulator, will allow the above-mentioned entities to obtain information on their clients’ credit behavior prior to establishing credit relationships, while also ensuring that the information they provide to the CRS on their customers’ credit behavior aids other creditors in making prudent credit decisions.

The Bank of Ghana has licensed three credit bureaus to offer credit reporting services to licensed financial institutions and the above-mentioned categories of organizations since the implementation of Act 726 in 2007.

Advertisement

XDS Data Ghana Limited, Dun & Bradstreet Credit Bureau Limited, and HudsonPrice Data Solutions Limited are the licensed credit bureaus.

The Bank of Ghana thus informs the above-mentioned institutions that they must comply with Act 726 by October 31, 2021.

Advertisement

Multiple Award Winning Travel & Celebrity Blogger | Teacher | Geographer | Writer| Publicist | PR Expert| Editor | Artistes Promoter| Talent Manager | Digital Marketer | Social Media Consultant | Web Entrepreneur | CEO of Sintim Media |

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Local News

Former Central Regional Minister, Ama Benyiwa-Doe Confirmed Dead

Published

on

By

The former central regional minister is reported dead this morning, September 19, 2021 at Tema.

Ama Benyiwa-Doe, born and christened Comfort Saah in 1950 was a Ghanaian politician who hail from Gomoa West in the Central Region of Ghana.

She was a Member of Parliament with the National Democratic Congress (NDC) for Gomoa West from 1992 until 2004, when she was defeated by Joe Kingsley Hackman.

Advertisement

She continued to work for the NDC as national women’s organizer.

In January 2009, she was nominated by the late President Mills as the Central Regional Minister in Ghana. She was a member of the Pan-African Parliament.

More details about his sudden death will be reported soon.

Advertisement

We at Sintim Media extend our heartfelt condolence to the family for their loss.

Source: Sintim Media

Advertisement
Continue Reading
Advertisement

Facebook

Featured

Health2 mins ago

Twenty (20) Health benefits of cannabis that everyone should know

Cannabis can be found in various forms, and the health benefits of cannabis is ever growing, here Tara Leo of...

Sports11 hours ago

Milovan Rajevac Unveiled As New Black Stars Head Coach

Milovan Rajevac Unveiled As New Black Stars Head Coach The Ghana Football Association on Friday, September 24, 2021 has officially...

Sports11 hours ago

Nominess for Tain/Banda Football Awards Night

TAIN /Banda Football Association has introduced this imminent awards scheme and announced Nominees to celebrate Teams, Players, Club CEOs and...

Sports17 hours ago

James Rodriguez leaves Everton to join Al Rayyan in Qatar

James Rodriguez leaves Everton to join Al Rayyan in Qatar Colombian playmaker James Rodriguez has completed a move to Qatar...

Awards2 days ago

GRAMMYs 2022 Nominees to be announced on November 23, 2021

The Recording Academy has announced that nominations for the 2022 GRAMMY Awards show, officially known as the 64th GRAMMY Awards,...

Sports2 days ago

Manchester United Knocked Out From Caraboa Cup

Manchester United Knocked Out From Caraboa Cup Former Manchester United manager David Moyes side West Ham knocked out Manchester United...

Music2 days ago

Tha Blackboi – Kwame Despite

Tha Blackboi New Vibe Ft Kelvyn Boy free mp3 download, Rebel Africa Front man Tha Blackboi unexpectedly drops a lovely...

Nigeria3 days ago

150 Golfers in Ogun For Maiden Apagun Olumide Golf Tourney

ABEOKUTA – The maiden edition of Apagun Olumide Golf tournament will tee-off in Abeokuta, the Ogun State capital on Wednesday....

Awards3 days ago

Lewandoski Receives European Golden Shoe

Lewandoski Receives European Golden Shoe 33- year old Bayern Munich forward Robert Lewandoski has been honoured with the European Golden...

Nigeria4 days ago

CHARLY Boy Drops New Song Inspired By King Of Boys

Eccentric Nigerian singer and songwriter, Charly Boy, born Charles Chukwuemeka Oputa has released a new song “Odudubariba”. Odudubariba is a...

Advertisement

Trending