The banking sector in Ghana continues to be the major user of the credit referencing system, with banks accounting for 86.28% of total credit enquiries in 2025. This is according to the 2025 Credit Reporting by the Bank of Ghana. The report highlights that the increasing number of mobile money loans and payroll lending explains the continuous increase in enquiries. This trend has been consistent over the years, solidifying the banking sector's position as the largest user of credit referencing services.
Microfinance and Microcredit institutions, however, saw a decrease in their share of total enquiries. In 2025, they accounted for 8.47% of total enquiries, a drop from 8.82% recorded in 2024. Similarly, searches among savings and loan companies and other financial institutions also decreased compared to the previous year. This shift indicates a change in the dynamics of credit enquiries among different financial sectors in Ghana.
The report further breaks down the purposes of credit enquiries, revealing that credit applications, credit bureau searches, and loan recoveries constituted 87.21%, 10%, and 3% of total enquiries, respectively. This data provides insight into the primary reasons for which financial institutions conduct credit checks. The dominance of credit applications in total enquiries underscores the significance of credit assessment in the lending process.
A notable finding of the report is the significant increase in financial institutions' use of credit bureau services for credit monitoring purposes. There was a 199.71% increase in this use compared to the previous year. This surge is attributed to the growth in mobile money loans and payroll lending, which has heightened the need for accurate credit assessments. The increasing reliance on credit bureau services reflects the evolving landscape of financial transactions in Ghana.
The report also highlights the activities of licensed credit bureaus in Ghana. All licensed credit bureaus were actively engaged in selling credit reports and other services to financial institutions during the year under review. These bureaus receive the same number and type of data from financial institutions, in accordance with the Bank of Ghana's data submission requirements. However, the difference in services offered relates to their ability to provide credit reports that meet the specific needs of lenders.
The 2025 Credit Reporting was prepared in line with Section 58 of the Credit Reporting Act, 2007 (Act 726). It provides a comprehensive overview of key developments in the Credit Reporting System (CRS), statistical trends in credit enquiries, and data submissions. The report also covers the performance of credit bureaus and the activities of financial institutions and Designated Data Providers (DDPs) during 2025. This information is crucial for regulators, industry participants, and the public.
The report's findings have significant implications for the financial sector in Ghana. With over 25 million enquiries conducted by financial institutions for credit appraisals and other purposes in 2025, the role of credit referencing in facilitating lending decisions cannot be overstated. As the financial landscape continues to evolve, with growth in mobile money transactions and payroll lending, the demand for accurate and reliable credit information is likely to increase.
Key points
- Banks accounted for 86.28% of total credit enquiries in 2025.
- Microfinance and Microcredit institutions saw a decrease in their share of total enquiries.
- Financial institutions' use of credit bureau services for credit monitoring purposes increased by 199.71% compared to the previous year.
