BoG expands list of firms required to participate in Credit Reporting System

The credit reporting system is a database established under Act 726 to promote the sharing of information on the credit history of debtors with lenders

Joseph Appiah-Dolphyne August 2, 2021

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The Bank of Ghana (BoG) has expanded the list of institutions required to participate in the Credit Reporting System (CRS) established under the Credit Reporting Act, 2007 (Act 726).

A statement issued by the BoG said the expanded list will now include; telecommunication companies, utility companies, retailers, mobile money operators, financial technology companies (FinTechs) and government institutions that offer credit to MSMEs.

The rest are institutions that provide identification documents, entities that supply goods and services on a post-paid or instalment basis, student loan schemes provided by private or government agencies and other entities that have relevant data and information that complies with permissible purposes of credit bureaus.

The BoG statement also notified the three licensed credit bureaus in the country to take steps to comply with the provisions of Act 726 by 31 October 2021.