The Bank of Ghana has reported that in 2023, an average of 21.2 million loan records were submitted monthly to credit bureaus by data providers.
The figure represents a huge 455 percent increase from the 3.8 million records submitted in 2022.
The central bank said 99 percent of these submissions involved data on individual borrowers, underscoring a shift towards consumer lending.
It attributed the increase to the improved reporting of digital loan data to credit bureaus.
The report disclosed that savings and loan companies, along with finance houses, took the first spot in submitting individual loan data.
They surpassed both banks and microfinance institutions.
However, in the business loan segment, banks dominated, contributing 67.6 percent of all business-related submissions—a trend that has remained consistent in recent years.
The report said while rural banks and microfinance firms showed an increase in individual loan submissions, they reported a decline in business loan data.
By: Rainbowradioonline.com/Ghana
