Ghana’s financial sector made over 30 million credit bureau enquiries in 2024, more than double the previous year’s total.
The Bank of Ghana credits this record spike to lenders embracing data-driven risk assessment for loans, recoveries, and customer checks.
Commercial banks drove the surge, responsible for 85% of searches as they integrated credit histories into everyday lending. Monthly enquiries averaged 2.46 million, up 16% from 2023. Fintechs also played a key role, with 55% of checks targeting individual borrowers and 44% focused on digital loan customers.
Data quality improved markedly—76% of searches now return usable financial or demographic details, up from 72%. The central bank linked this to stricter compliance and better industry collaboration. It also approved two major advances: credit scoring services from licensed bureaus and a cross-border deal letting Ghanaians abroad share credit histories with foreign lenders.
While praising rising public awareness and fewer bounced checks, the BoG pledged ongoing vigilance. “We’ll monitor data providers closely to ensure compliance,” it stated, aiming to build a transparent and resilient credit ecosystem.
This acceleration signals a financial landscape increasingly shaped by data, technology, and global connectivity.